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Santos, Oil Search to ink $21b merger deal

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Two of Australia’s biggest oil and gas companies are set to create a $21 billion industry juggernaut after Santos raised its offer to merge with rival Oil Search.

The companies told investors on Monday morning that Santos had presented a new offer for the merger under which Oil Search investors would receive 0.6275 new Santos shares for each Oil Search share held, implying a transaction price of $4.52 per Oil Search share.

If the tie-up goes ahead, Oil Search shareholders would own approximately 38.5 per cent of the merged group and Santos shareholders will own 61.5 per cent.Santos managing director Kevin Gallagher said the proposal represented an “extremely attractive” opportunity.

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