MERGERS AND ACQUISITIONS – PAPUA NEW GUINEA

Oil Search buries ego and drops InterOil bid

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 & 20 : 22-Jul-16

Oil Search will not seek to match ExxonMobil’s takeover bid for InterOil. MD Peter Botten says it would not be in shareholders’ interest to increase the offer, and he adds that they will still gain most of the benefits of the deal with none of the associated risks. Oil Search has stakes in both of the two major LNG projects in Papua New Guinea, and Botten says greater co-operation between the two ventures will generate value for investors. Meanwhile, Oil Search has reported that its sales fell by seven per cent in the June 2016 quarter, to $US267.7m.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, INTEROIL CORPORATION, EXXONMOBIL CORPORATION, TOTAL SA, MORGANS FINANCIAL LIMITED

Exxon tops Oil Search with bid for InterOil

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 1 & 11 : 19-Jul-16

Australian-listed Oil Search is not expected to exercise its right to match ExxonMobil’s $US2.48bn ($A3.26bn) takeover bid for InterOil. It has three days to match the bid. having made its own $US2.2bn ($A2.9bn) offer for InterOil in May. Some analysts suggest that the ExxonMobil deal would benefit all parties with exposure to the Papua New Guinea LNG sector, including Oil Search. Shareholders of InterOil were slated to vote on the Oil Search offer in late July.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, INTEROIL CORPORATION, EXXONMOBIL CORPORATION, TOTAL SA, MORGANS FINANCIAL LIMITED, DEUTSCHE BANK AG