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Woodside proposes Oil Search merger
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Report summary
Woodside approached Oil Search with an all-share merger proposal. The offer for Oil Search equated to A$7.65/share, valuing Oil Search at US$10.4 billion. This represented a 14% premium to the previous day's closing price. The move was about LNG portfolio optimisation in an oversupplied and softening market, rather than financial distress in a low oil price environment.
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