Australian LNG player Woodside has withdrawn its proposal to merge with Oil Search of Papua New Guinea.
Woodside has in September approached Oil Search with an A$11.6 billion ($8 billion) all-share takeover plan.
However, Oil Search, which has a 29 percent stake in the US$19 billion PNG LNG project, rejected the offer saying it was “highly opportunistic and grossly undervalues the company“.
Woodside said on Tuesday it is not pursuing any alternative transactions to combine the businesses.
In a statement issued after Woodside’s announcement, Oil Search said it “remains focused on delivering value for its shareholders, by continuing to produce from its low cost assets and progressing the development of its growth projects“.
LNG World News Staff