PNG-focused Oil Search Gets Shareholder Nod for $6.2 Billion Buyout by Santos

In September, Santos said the merger with Oil Search would better align stakeholdings in PNG’s biggest gas projects—PNG LNG and Papua LNG—that would further support investment and deliver new jobs.

Reuters

Papua New Guinea-focused Oil Search Ltd. said on Dec. 7 its A$8.8 billion (US$6.21 billion) buyout by Santos Ltd. received an overwhelming support from its shareholders, getting over 95% votes in favor 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%.

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