The National Court of Papua New Guinea approved the scheme of arrangement under which Santos Ltd. will acquire all shares in Oil Search Ltd. in return for the issue of new Santos shares to Oil Search shareholders (OGJ Online, Sept. 10, 2021).
The decision follows approval of the merger by Oil Search shareholders Dec. 7.
Oil Search will now lodge a copy of the Court orders with the PNG companies’ registrar on Dec. 10, at which time the scheme of arrangement becomes effective.
Oil Search will then apply for its shares to be delisted from trading on the Papua New Guinea and Australian stock exchanges with effect from the close of trading Dec. 10.
Oil Search will be a wholly-owned subsidiary of Santos and trading of ‘new Santos shares’ in the combined $23 billion (Aus.) entity will begin Dec. 13 on a deferred settlement basis.
The new Santos shares will begin trading Dec. 20 on an ordinary settlement basis.
The new entity will retain the Santos name and be headquartered in Adelaide. Oil Search will have three directors on the Santos board.