Woodside Petroleum Limited
(ASX:WPL) has confirmed a takeover bid for Oil Search.
Both parties advise that Oil Seach has received a non-binding indicative proposal from the Australian oil and gas company.
Under the agreement, Woodside would acquire all shares in Oil Search for a consideration of one Woodside share for every four Oil Search shares held.
The Papua New Guinea government owns a 10 percent stake in Oil Search and as such the offer will require regulatory approval.
Shares in both Woodside Petroleum and Oil Search have been placed into a trading halt.
Woodside Petroleum reported a net profit of $929.68 million for the first half 2015.
