Woodside Energy, Santos End Talks Over $57 Billion Merger
By David Winning
SYDNEY--Woodside Energy and Santos have ended talks over a merger that could have created a gas giant worth some $57 billion, representing a rare setback in the global energy sector where producers have been rushing to do deals.
Woodside and Santos spent two months discussing a merger that aimed to capitalize on the rising demand for natural gas resulting from the Ukraine war. With interests in gas-export projects in Australia and Papua New Guinea, the two companies also looked well placed to take advantage of any prolonged pause in approvals for new plants to export U.S. liquefied natural gas.
"While the discussions with Santos did not result in a transaction, Woodside considers that the global LNG sector provides significant potential for value creation," Woodside Chief Executive Meg O'Neill said Wednesday.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
February 06, 2024 20:19 ET (01:19 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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