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.