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December 8, 2021

Oil Search secures shareholder’s approval for merger with Santos

In September this year, Santos and Oil Search signed a definitive agreement to combine their operations.

By Aninda Chakraborty

Papua New Guinea-based company Oil Search has secured approval from its shareholders for its planned merger with the Australian oil and gas company Santos.

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Oil Search have announced that the deal was approved by the majority of Oil Search shareholders at the scheme meeting. Approximately 95.07% of the shareholders voted in favour of the deal.

In September this year, Santos and Oil Search agreed to a $6bn (A$8bn) merger that will create one of the largest regional oil and gas companies.

Under the arrangement, Santos will buy all Oil Search shares and will issue new Santos shares to current Oil Search shareholders.

Oil Search shareholders will hold a 38.5% stake in the merged entity, while Santos shareholders will own the remaining 61.5%.

At the time of the announcement, Oil Search chairman Rick Lee said: “Put simply, this merger provides Oil Search shareholders with a compelling opportunity to participate in a larger entity with significant scale, product mix, ESG and geographic diversity, and access to capital.

“The combined entity will have the capacity to deliver on an exciting pipeline of organic growth opportunities.”

Last month, the deal was approved by a Papua New Guinea court, reported Reuters.

It still requires approval from Papua New Guinea’s National Court of Justice, as well as the competition watchdog of the country.

The combination can become legally effective if the court approves the scheme later this week.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
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  • Consumer context
  • Industry environment
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Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
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