ASX on the rise as takeover talk boosts energy and buy now, pay later stocks

The Australian share market is on the rise in early trade, led by a surge in Afterpay shares.Santos has increased its merger offer for Oil SearchBy 10:20am AEST the ASX 200 was 0.9 per cent higher at 7,462 points.Afterpay was the top-performing stock on the benchmark index in early trade, putting it on track for its best day since March last year.

In the energy sector, merger and acquisition news was also leading to share prices rising, with Oil Search up 7.1 per cent and Santos shares gaining 2.2 per cent. After rejecting a previous approach, Oil Search has now opened its books to Santos and has recommended its shareholders vote in favour of a sweetened $9.4 billion deal.

Santos has increased its merger proposal to $4.52 a share, up from its previous offer of $4.25 a share.All sectors of the local market are gaining ground, with the exception of materials.In July, iron ore on China's Dalian Commodity Exchange had its worst month since February 2020, dropping nearly 8 per cent.

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