Aussie oil deal drills into some messy territory, says AntonyMCurrie:
Santos on July 20 confirmed that it had made a non-binding, all-stock offer for Oil Search on June 25, valuing the Papua New Guinea-focused oil and gas producer at A$8.8 billion at the time.
Earlier on the same day, Oil Search acknowledged it had received and rejected a takeover bid from an unnamed rival, a day after Chairman Rick Lee told investors the company had not received any approaches. Both companies said they are willing to pursue further discussions about a deal. Lee had been speaking on a conference call to discuss the sudden departure of Chief Executive Keiran Wulff after just 17 months in the role. The company said Wulff resigned for medical reasons, but also said it had investigated complaints about his behaviour that directors determined was “inconsistent with the standards expected by the board”.Source: REUTERS/Rebekah Kebede/File PhotoRelated Links
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