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    OSH   PG0008579883

OIL SEARCH

(OSH)
Delayed Australian Stock Exchange  -  12/10 12:10:46 am EST
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PNG-focussed Oil Search gets shareholder nod for $6.2 bln buyout by Santos

12/06/2021 | 10:30pm EDT

Dec 7 (Reuters) - Papua New Guinea-focussed Oil Search Ltd said on Tuesday its A$8.8 billion ($6.21 billion) buyout by Santos Ltd received an overwhelming support from its shareholders, getting over 95% votes in favour of the deal.

Shares of Oil Search rose as much as 3.3% to A$4.10 to hit a nearly two-week high, while Santos advanced up to 1.9%.

About 95.1% Oil Search shareholders voted in favour of the deal on Tuesday https://www.oilsearch.com/__data/assets/pdf_file/0005/55166/211207-ASX-Announcement-OSL-Shareholders-Approve-Scheme-and-Scheme-Results-combined.pdf, nearly a month after the firm gained approval from a Papua New Guinea (PNG) court and a mixed endorsement from an independent expert for the deal.

About 95.43% of the proxy votes cast https://www.asx.com.au/asxpdf/20211207/pdf/453w7pgffbc1nm.pdf were in favour of the deal, which would create a global top 20 oil and gas company and make Santos the largest shareholder in PNG's biggest resource project, the PNG LNG project, run by Exxon Mobil Corp.

The buyout still needs approval from PNG's competition watchdog and national court. If all approvals are received, the deal will take effect Friday, which will be the last day of trading in Oil Search shares in Australia and PNG, the company said.

($1 = 1.4180 Australian dollars) (Reporting by Tejaswi Marthi and Sameer Manekar in Bengaluru; Editing by Rashmi Aich)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.44% 112.736 Delayed Quote.41.60%
OIL SEARCH -2.42% 4.04 End-of-day quote.0.00%
SANTOS LIMITED 0.50% 8.09 Delayed Quote.27.58%
WTI 1.11% 111.676 Delayed Quote.44.13%
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Financials (USD)
Sales 2021 - - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 1,98%
Capitalization 8 395 M 6 008 M -
Capi. / Sales 2021 -
Capi. / Sales 2022 -
Nbr of Employees 1 243
Free-Float 99,9%
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Managers and Directors
Peter J. Fredricson Chief Executive & Financial Officer
Beth White EVP-Group Finance, Sustainability & Technology
Eileen Joy Doyle Independent Non-Executive Director
Musje Werror Independent Non-Executive Director
Richard Kuna Independent Member-Sustainability Committee
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