PNG court approves Santos, Oil Search merger
Oil Search on December 9 said that the National Court of Papua New Guinea (PNG) has approved its proposed merger with Santos.
“Oil Search Limited is pleased to provide the following update in relation to the proposed merger with Santos Limited and announce that the National Court of Papua New Guinea has today made orders approving the scheme of arrangement under which Santos will acquire all of the shares in Oil Search in return for the issue of new Santos shares to Oil Search shareholders,” the company said.
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The deal was cleared by Oil Search shareholders on December 7 and the securities commission of PNG on December 6. PNG’s competition watchdog approved the proposed merger on December 8.
Oil Search said it expects to lodge a certified copy of the orders with the PNG registrar of companies on December 10 at which time the merger will become effective. If this occurs, Oil Search will then apply for its shares to be suspended from trading in PNG and Australia on the same day.
After the completion of the deal, Oil Search shareholders will own approximately 38.5% of the merged entity and Santos shareholders will own about 61.5%.