Deals
Woodside and Santos End Talks on $57 Billion Deal
- Week of discussions over a potential combination have ended
- Adelaide-based producer could review asset sales, breakup
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Woodside Energy Group Ltd. and Santos Ltd. have ended tie-up talks that would have created an Australian gas export powerhouse, leaving the smaller Adelaide-based producer under pressure to consider asset sales and other options to boost its lagging valuation.
Santos shares tumbled as much as 8.6% in Sydney, before paring losses, following confirmation that the two oil and gas producers had failed to agree on a price, drawing a line under weeks of merger discussions to create an entity with a combined market capitalization of about A$86 billion ($56 billion). Woodside rose to its highest level since November.