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%.
About 95.1% Oil Search shareholders voted in favor of the deal on Dec. 7, nearly a month after the firm gained approval from a Papua New Guinea (PNG) court and a mixed endorsement from an independent expert for the deal.
RELATED: Santos, Oil Search Agree to Merge Despite Scrutiny
About 95.43% of the proxy votes cast were in favor of the deal, which would create a global top 20 oil and gas company and make Santos the largest shareholder in PNG's biggest resource project, the PNG LNG project, run by Exxon Mobil Corp.
The buyout still needs approval from PNG's competition watchdog and national court. If all approvals are received, the deal will take effect Dec. 10, which will be the last day of trading in Oil Search shares in Australia and PNG, the company said.
($1 = 1.4180 Australian dollars)
Recommended Reading
US Lawmakers Weigh Action Against OPEC
2022-11-29 - Meanwhile, the first days of December bring opportunities that may upend oil economies around the world as Russian sanctions kick in and OPEC reconvenes in Vienna.
Putin Tells Europe: If You Want Gas Then Open Nord Stream 2
2022-09-16 - Speaking to reporters after a summit in Uzbekistan, President Vladimir Putin blamed what he called “the green agenda” for the energy crisis, and insisted that Russia would fulfill its energy obligations.
Putin: Germany Unlikely to Accept Gas Via Remaining Nord Stream 2 Pipeline
2022-10-14 - Putin said on Oct. 12 that Russian gas could still be supplied to Europe through the one remaining intact line of the uncommissioned Nord Stream 2 pipeline, but a German government spokesman ruled this out.
Senior US Senator Wants 'Freeze' on Saudi Cooperation, Blasts Riyadh
2022-10-11 - "I will not green-light any cooperation with Riyadh until the Kingdom [of Saudi Arabia] reassesses its position with respect to the war in Ukraine. Enough is enough," U.S. Senator Bob Menendez said, calling for aggressive action against continual economic cooperation with Saudi Arabia.
Putin Says Russia Not Working ‘Against Anyone’ in Energy Markets
2022-10-11 - Speaking with President Sheikh Mohammed bin Zayed al-Nahyan of the UAE, Putin said Russia aimed to create stability on energy markets and ensure that supply and consumption were balanced.