Woodside Withdraws Oil Search Takeover Bid

Woodside on Tuesday said it has decided to withdrawn its proposal to merge with Oil Search.

In September Woodside on announced it provided Oil Search a $8 billion all share takeover proposal. Under the proposal, Woodside would acquire all of the shares in Oil Search for a consideration of one Woodside share for every four Oil Search shares held.

Woodside had then stated that the proposal is consistent with company’s strategy of delivering superior shareholder returns by maximising the value of our core assets, leveraging capabilities and growing portfolio.

On Tuesday Woodside said it is not pursuing any alternative transactions to combine the businesses.