Woodside withdraws proposal to merge with Oil Search

Woodside (ASX Code: WPL) has informed Oil Search Ltd.’s (ASX Code: OSH) board of directors that Woodside has withdrawn its proposal to merge the two businesses.

On Sept. 3, Woodside provided Oil Search with a proposal to merge Woodside and Oil Search through a scheme of arrangement. Oil Search rejected Woodside’s proposal to acquire all the shares in Oil Search for a consideration of one Woodside share for every four Oil Search shares held, saying that the proposal was opportunistic and that it undervalued Oil Search.

Woodside says that it is not pursuing any alternative transactions to combine the businesses.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...