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Santos and Oil Search edge closer to $15.5 billion merger

© Supplied by ShutterstockA traditional mask in Papua New Guinea
A traditional mask in Papua New Guinea

Santos and Oil Search have agreed a merger deal that will create a A$21 billion ($15.5 billion) Asian oil and gas producer, confirming terms agreed on last month.

The pair announced today that they have entered into the Merger Implementation Deed, under which the two companies will combine via an Oil Search Scheme of Arrangement. This follows both companies successfully completing reciprocal confirmatory due diligence, which started on 6 August 2021.

Santos and Oil Search are aiming to complete the merger by mid-December 2021. Shareholders are set to vote on the proposed deal by late November, while Papua New Guinea (PNG), home to most of Oil Search’s assets, will also need to give its blessing. A first PNG court hearing is due on 27 October with a second hearing on 1 December.

Oil Search, Santos to merge into $16bn LNG powerhouse

The Oil Search board unanimously recommends that Oil Search shareholders vote in favour of the merger in the absence of a superior proposal and subject to an independent expert concluding that the merger is in the best interests of the Oil Search shareholders.

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