PAPUA NEW GUINEA: $2.2 BLN
MELBOURNE, Australia— Oil Search Ltd. has moved to consolidate natural-gas developments on Papua New Guinea with a US$2.2 billion deal to buy U.S.-listed midsize energy company InterOil Corp amid a growing natural gas glut.
Oil Search, based in Port Moresby, the capital of Papua New Guinea, but listed in Australia, said Friday the boards of both companies had agreed to an offer worth at least US$40.25 for each InterOil share—a 27% premium to the closing price on May 19.
The deal will boost Oil Search's exposure to what is expected…
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