Woodside Abandons $8 Billion Takeover Bid for Oil SearchBy
Woodside isn’t pursuing any alternatives to combine operations
Oil Search drops by most in seven years after announcement
Woodside Petroleum Ltd. abandoned its $8 billion offer for Papua New Guinea-focused Oil Search Ltd. almost three months after the bid was rejected, dropping plans for what would have been the biggest energy takeover in Asia.
Oil Search shares tumbled as much as 18 percent in Sydney trading, the most in seven years. Woodside, Australia’s second-largest oil producer, isn’t pursuing any alternative transactions to combine the businesses, the Perth-based company said Tuesday in a statement…
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