Woodside Petroleum
(ASX:WPL) has withdrawn its proposal to merge with Oil Search.
Oil Search had officially rejected Woodside’s unsolicited approach. The oil and gas company had told shareholders the indicative Woodside proposal grossly undervalued the company.
Woodside advised that it is not pursuing any alternative transactions to combine the businesses.
Oil Search has said the company remains focused on delivering value for its shareholders.
Woodside Petroleum recorded a net profit of $929.68 million at 30 June 2015.
