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    STO   AU000000STO6

SANTOS LIMITED

(STO)
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Santos Has Takeover Proposal for Oil Search Rejected

07/19/2021 | 08:14pm EDT

By David Winning

SYDNEY--Santos Ltd. said it approached Oil Search Ltd. about a possible merger last month, but its proposal to create an energy company with a market value of 22 billion Australian dollars (US$16.1 billion) was rejected.

Santos said it offered 0.589 of its own shares in exchange for each Oil Search share on issue. A deal would have led to Santos shareholders owning 63% of the combined company, with Oil Search investors holding the remaining stock.

The proposal implied a value of A$4.25 for each Oil Search share, Santos said, representing a 16% premium to the stock's closing price on Monday.

"The potential merger of Santos and Oil Search is a logical combination of two industry leaders to create an unrivalled regional champion of size and scale," Santos said in a regulatory filing.

Oil Search is Papua New Guinea's largest oil producer and owns a minority stake in the Exxon Mobil Corp.-operated PNG LNG gas-export project in the country, which also counts Santos as an investor. Oil Search also owns undeveloped oil reserves in Alaska that it hopes to develop if it can bring in another investor.

News of the merger proposal comes a day after Oil Search said Managing Director Keiran Wulff had resigned for health reasons, and named Chief Financial Officer Peter Fredricson as acting chief executive with immediate effect.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

07-19-21 2013ET

Stocks mentioned in the article
ChangeLast1st jan.
OIL SEARCH LIMITED 2.09% 3.9 End-of-day quote.5.12%
SANTOS LIMITED 2.24% 6.4 End-of-day quote.2.07%
WTI 0.11% 72.573 Delayed Quote.46.90%
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More news
Analyst Recommendations on SANTOS LIMITED
More recommendations
Financials (USD)
Sales 2021 4 558 M - -
Net income 2021 830 M - -
Net Debt 2021 2 968 M - -
P/E ratio 2021 15,7x
Yield 2021 1,58%
Capitalization 13 285 M 9 676 M -
EV / Sales 2021 3,57x
EV / Sales 2022 3,28x
Nbr of Employees 2 722
Free-Float 83,4%
Chart SANTOS LIMITED
Duration : Period :
Santos Limited Technical Analysis Chart | STO | AU000000STO6 | MarketScreener
Technical analysis trends SANTOS LIMITED
Short TermMid-TermLong Term
TrendsBullishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Last Close Price 6,40 $
Average target price 5,97 $
Spread / Average Target -6,68%
EPS Revisions
Managers and Directors
Kevin Thomas Gallagher Chief Executive Officer, MD & Executive Director
Anthony Neilson Chief Financial Officer
Keith William Spence Non-Executive Chairman
David Banks Chief Technical & Marketing Officer
Hock Goh Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
SANTOS LIMITED2.07%9 520
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PETROCHINA COMPANY LIMITED58.33%161 004
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TOTALENERGIES SE9.60%120 718
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