Woodside withdraws Oil Search takeover offer

Australia’s energy company Woodside has withdrawn its offer for Oil Search takeover.

Woodside on Tuesday said it had informed the Oil Search Board of the withdrawal of its proposal to merge the businesses.

On September 3, 2015, Woodside provided Oil Search with a proposal to merge Woodside and Oil Search through a scheme of arrangement.

According to Australian media, the potential transaction had been estimated at around $8.1 billion. Also in September,  the Oil Search board rejected the Woodside proposal, saying it was “highly opportunistic and grossly undervalues the company”.

“Woodside is not pursuing any alternative transactions to combine the businesses,” Woodside said on Monday.

Offshore Energy Today Staff

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