Oil Search Ltd has refused the $8-billion takeover bid made by Woodside Petroleum Ltd, the biggest energy company in Australia. The rejection has turned out to be a major hurdle for Woodside Petroleum as the energy major is exploring low-cost LNG assets in Papua New Guinea (PNG), a nearby neighbor of Australia.
Woodside Petroleum Ltd
Breaking News
Royal Dutch Shell's exit of its stake in Australia-based Woodside Petroleum Ltd may enable Asian buyers, particularly China, to get a stake of or even acquire the whole company, Bloomberg reported.
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