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Woodside Petroleum (ASX:WPL) announced that it has launched a confidential and non-binding proposal to merge with Oil Search (ASX:OSH) under the Papua New Guinea Companies Act.
Woodside Petroleum (ASX:WPL) announced that it has launched a confidential and non-binding proposal to merge with Oil Search (ASX:OSH) under the Papua New Guinea Companies Act.
As quoted in the press release:
Woodside is currently engaging with Oil Search in relation to the proposal. There is no certainty that these discussions will result in a transaction. Under the proposal, Oil Search shareholders would receive all scrip consideration of 0.25 Woodside shares for every Oil Search share and become shareholders in the combined entity.The proposal is subject to Papua New Guinea regulatory approval, completing satisfactory due diligence and other customary conditions.
The proposal is consistent with Woodside’s strategy of delivering superior shareholder returns by maximising the value of our core assets, leveraging our capabilities and growing our portfolio.
Click here to read the full Woodside Petroleum (ASX:WPL) press release.