Original article by Barry FitzGerald
The Australian – Page: 20 : 9-Dec-15

Woodside Petroleum has advised that it will no longer pursue a $A10.2bn takeover bid for Oil Search. Woodside had never convinced investors and the Papua New Guinea Government – which has a 10.1 per cent stake in Oil Search – of its one-for-four scrip offer’s merits. Suhas Nayak of Allan Gray notes that Oil Search could not be classified as a "distressed asset", but says Woodside’s relatively healthy balance sheet means it can pursue such assets if appropriate opportunities arise.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, ALLAN GRAY AUSTRALIA PTY LTD, EXXONMOBIL CORPORATION