Oil Search rejects US$8b bid

Sydney

OIL Search Ltd on Monday rebuffed an US$8 billion takeover proposal from Australia's biggest energy company Woodside Petroleum Ltd as far too cheap, although it left the door open to higher offers.

Woodside last week sought exclusive talks with the Papua New Guinea-focused oil and gas producer on a one-for-four share offer, conditional on support from key stakeholders, including the PNG government.