Oil Search abandons bid to buy InterOil after Exxon Mobil offer
Updated
The PNG focussed oil and gas exploration firm Oil Search has announced it won’t be making a counter offer to acquire Interoil in PNG.
The announcement comes after Exxon Mobil launched a $US3 billion US dollar bid for Interoil, as it seeks to take control of the country’s second LNG venture in the Gulf of Papua.
The bid was well above Oil Search’s offer of $US2.2 billion, which was supported by the French firm Total S.A.
In a statement, Oil Search Managing Director Peter Botton said his company did not believe it was in the best interests of its shareholders to submit a revised offer.
Bruce Hill
Source: Pacific Beat
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Duration: 4min 44sec
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