Oil Search and Santos extend timeline on due diligence for merger
Potential merger partners Santos and Oil Search have extended their mutual period of due diligence for the $16 billion deal by one week to 13 September.
merger
Babcock Aberdeen operation to be renamed while competition watchdog mulls CHC takeover
The Babcock oil and gas helicopter operation in Aberdeen is to be renamed while the competition watchdog mulls a takeover by rival CHC.
Struggling Sembcorp Marine to raise $1.1 billion
Singapore offshore and marine giant Sembcorp Marine will raise S$1.5 billion (US$1.1 billion) in funds from a rights issue to support the company’s operations. The rig builder has been struggling with rising costs and delays to projects being built at its yards.
Woodside bags BHP oil and gas business at discount in dream deal
A strategic merger between BHP and Woodside has been on the deal dream list in oil and gas circles going back three decades. Yesterday the pair confirmed that they will enter into a merger of their respective oil and gas portfolios in an all-stock deal that creates an LNG powerhouse.
Woodside and BHP confirm oil mega-merger
Woodside and BHP today confirmed a mega-merger deal that will establish one of the world’s top independent oil and gas companies. Woodside said it would issue new shares to BHP shareholders in exchange for the mining giant’s petroleum business.
Santos to sign Oil Search merger deal next month
Santos chief executive Kevin Gallagher said today that a binding merger deed with Oil Search should be signed next month. The merger would make the combined companies one of the largest in the region and in the top 20 globally.
Woodside-BHP $14.7bn merger deal would create a ‘super independent’
Woodside today confirmed it is in discussions with BHP over a potential merger involving BHP’s entire petroleum business. This merger “would create a new international super independent built for scale and resilience, with a long-term focus on LNG but exposure in the medium term to high-margin, deepwater oil,” said Andrew Harwood, Asia Pacific research director at Wood Mackenzie.
Woodside in advanced talks to buy BHP oil unit for $14.7 billion
Woodside is in advanced talks to buy BHP Group’s petroleum division for about A$20 billion ($14.7 billion), the Australian Financial Review (AFR) reported on Sunday, citing people familiar with the matter.
Bidding war could erupt for crisis-hit Oil Search
Following Santos' proposed takeover offer for Oil Search, which has major stakes in Papua New Guinea’s emerging LNG sector, a bidding war could emerge. Likely acquirers include ExxonMobil and TotalEnergies, both of which have big shares in the PNG projects.
Oil Search rejects $16bn merger approach from Santos
Australia’s Santos said today that it approached compatriot Oil Search about a potential merger last month. However, the offer to create an energy company with a market value of $16.1 billion was rejected by Oil Search, which has major stakes in Papua New Guinea’s (PNG’s) emerging liquefied natural gas (LNG) sector.
Singapore yards in trading halt, possibly merging offshore marine businesses
Singaporean rig builders Keppel Corporation and Sembcorp Marine this morning requested a halt in the trading of their shares pending announcements.
Shale drillers Cabot and Cimarex baffle analysts with $7.4billion merger
The merger of Cabot Oil & Gas Corp. with Cimarex Energy Co. announced Monday has confounded investors and analysts, leaving them to question the logic behind a tie-up that the companies say will increase diversification.
Court approves Chrysaor – Premier Oil merger
A Scottish court has given the green light to the merger of UK operators Chrysaor and Premier Oil.
Chrysaor and Premier Oil sink to losses in final results ahead of merger
Chrysaor and Premier Oil have issued their last sets of separate financial results ahead of completing their merger at the end of the month.
Premier Oil in early talks on deal with Chrysaor
Premier Oil and Chrysaor have held preliminary talks about a potential deal that would bring together two of the largest UK oil and gas producers, according to people with knowledge of the matter.
Prosafe, Floatel scrap merger plans after monopoly watchdogs dig in heels
Two offshore accommodation vessel contractors have thrown in the towel on their plans to join forces after running into opposition from monopoly watchdogs.
Transocean’s valuation of Songa ‘staggeringly high’, analyst says
Transocean’s $3.4billion acquisition of rival offshore drilling contractor Songa Offshore is a great deal for the takeover target’s shareholders, an analyst has said.
Altrad agrees £332m Cape takeover
Industrial services provider Altrad said today that it had struck a takeover deal for Cape.
Opinion: Awaiting the jury’s verdict on new kid Baker Hughes GE
Today, Baker Hughes GE (BHGE) will emerge as the new kid on the block on the New York Stock Exchange (NYSE), signalling the formal merger of Baker Hughes and GE Oil and Gas. This new company packs a real punch with around 70,000 employees in over 120 countries and annual revenues of US$23 billion in 2016.
Martin Gilbert undertands £11bn merger nerves
Aberdeen Asset Management (AAM) chief executive Martin Gilbert said yesterday the firm’s talks with clients about a proposed merger with insurance giant Standard Life had been “constructive and positive” overall.
Deal nearing for £11bn Aberdeen Asset Management merger
An £11billion deal to merge Aberdeen Asset Management (AAM) and Standard Life could be completed as soon as today.
Roxi eyes merger and debt free future
Roxi Petroleum has outlined its plans for a merger and debt-free future.
China said to be planning mega-merger of Sinochem, ChemChina
China is planning to merge Sinochem Group and China National Chemical Corp. as the government continues its overhaul of state-owned enterprises, according to a person familiar with the matter.
Slowdown in mergers and acquisitions ‘may hit profits at law firms’
Britain’s leading law firms fear the slide in merger and acquisition (M&A) activity could deal a blow to profits.
Range Resource completes Memorial Resource Development merger
Range Resources said it has completed a merger agreement with Memorial Resource Development.