Woodside Petroleum has ditched its $8billion takeover offer for Oil Search.
The firm confirmed there would be no more going back to the drawing board, and instead was dropping all plans for a buy-out for the Papua New Guinea-focussed firm.
The confirmation comes three months after Oil Search shareholders rejected Woodside’s original bid, saying it “grossly undervalued” the company.
At the time, Woodside offered one share for every four of Oil Search’s.
The news saw Oil Search shares fall to A$6.29 and Woodside shares fall to A26.89.
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