Australia’s Santos makes $6.5 bln bid for Oil Search

By Reuters Staff

1 Min Read

July 20 (Reuters) – Australia’s Santos Ltd said on Tuesday it made an A$8.83 billion ($6.48 billion) bid to buy Oil Search in a deal that would create a top-20 global oil and gas company.

The all-stock proposal, which was made in June, implies a deal price of A$4.25, a 12.3% premium to Oil Search’s close on June 24. ($1=1.3622 Australian dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Subhranshu Sahu)

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