Woodside has issued a statement confirming that it has provided Oil Search a confidential and non-binding proposal to merge through a scheme of arrangement under the Papua New Guinea Companies Act.
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.
Woodside is currently engaging with Oil Search in relation to the proposal, which is subject to Papua New Guinea regulatory approval, completing satisfactory due diligence and other customary conditions.
The statement from Woodside continued: “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.”
Merrill Lynch, Gresham and Herbert Smith Freehills are advising Woodside in relation to this matter.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/08092015/woodside-bids-for-oil-search-1256/