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Australia shares Santos It jumped to a five-week excessive on Friday on information the corporate is in talks to merge Woodside vitality.
Santos and Woodside Power, two of Australia’s largest oil and gasoline producers, have opened talks to debate a possible merger in what might create an oil and gasoline large value A$80 billion ($52 billion).
“On the identical time, Santos is evaluating a variety of different structural choices with the intention of unlocking worth,” a press release issued by Santos on Thursday stated.
Santos shares rose 11% in early buying and selling on Friday Woodside It fell 0.7%.
Santos, which has a market capitalization of about A$22 billion, stated throughout an investor information convention final month that it was engaged on choices to boost its worth. Woodside boasts a market capitalization of roughly A$57 billion.
The discussions are nonetheless at an early stage, and in statements to the press, the 2 firms burdened that there’s “no certainty” that the discussions will result in an settlement.
In June final 12 months, Woodside merged with… BHP Group Oil and gasoline arm. Santos in 2021 acquired vitality exploration firm Oil Search, however the multibillion-dollar gasoline drilling undertaking was derailed by a court docket problem.
Santos shares rose to a five-week excessive
