PNG court gives approval for Oil Search (ASX:OSH) takeover

Company News

by Melissa Darmawan

The National Court of Papua New Guinea (PNG) has given the tick of approval for the merger of Oil Search (ASX:OSH) by Santos (ASX:STO) with the final step to take place on Friday.

The move was approved by a majority of Oil Search shareholders on Tuesday with PNG’s competition authorities giving its nod of approval also.

Oil Search expects to lodge a certified copy of the orders with the Papua New Guinea Registrar of Companies on Friday, at which time the deal will become effective.

If this occurs, Oil Search will apply for its shares to be suspended from trading on the PNGX and ASX from close of trade Friday.

Shares in Oil Search (ASX:OSH) are trading 1.4 per cent lower at $4.14 while shares in Santos (ASX:STO) are trading 1.6 per cent lower at $6.62.

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