MELBOURNE: Oil Search rejected an unsolicited takeover proposal from Santos Ltd that valued the Papua New Guinea-focused oil and gas producer at A$8.8bil (US$6.5bil or RM27.2bil), the two companies said yesterday.
Oil Search said the offer was not in the best interest of shareholders, but its shares rose 7% after Santos said it still wanted to pursue talks to create a group that would rival Australia’s top independent gas producer Woodside Petroleum in market value.
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