Woodside says talks over with Santos over $80b merger

Derek Rose | February 7, 2024

Woodside Energy says its merger talks with Santos have collapsed.

The tie-up between Australia’s largest oil and gas company and its second-largest would have created an $80 billion energy giant.

But Woodside said on Wednesday it wouldn’t move further on the possible transaction.

The company didn’t provide details, with chief executive Meg O’Neill saying only that Woodside always conducted due diligence and only pursued transactions that provided value for shareholders.

“We continue to be disciplined in our approach to mergers and acquisitions and capital management to create and deliver value for shareholders,” Ms O’Neill said.

“While the discussions with Santos did not result in a transaction, Woodside considers that the global LNG sector provides significant potential for value creation.”

Santos has been approached for comment.

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