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Gas|Oil And Gas|Oil-and-gas
Gas|Oil And Gas|Oil-and-gas
gas|oil-and-gas|oilandgas

Santos/Oil Search deal clears another hurdle

8th December 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The Independent Consumer and Competition Commission (ICCC) of Papua New Guinea (PNG) has approved the merger between oil producers Santos and Oil Search.

The ICCC approval follows a day after Oil Search shareholders approved the merger with ASX-listed Santos, which will create a A$21-billion oil and gas giant.

Under the merger agreement, Oil Search shareholders would receive 0.6275 new Santos shares for each Oil Search share held via a scheme of arrangement, giving Oil Search shareholders a 38.5% stake in the enlarged company post the merger.

The Scheme of Arrangement to implement the merger remains subject to approval from the National Court of PNG at a hearing scheduled for December 9.

Edited by Creamer Media Reporter

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