Australian Giant offers Oil Search take over

Australia's largest operator of oil and gas production, Woodside Petroleum, has made an 11.6 billion dollar offer to take over Oil Search.
The long rumored move on PNG's largest oil and gas company has been confirmed in a statement by Oil Search to the Australian Securities Exchange today.
Oil Search told the Australian Securities Exchange it had received a non-binding, indicative proposal from its rival.
Cashed-up Woodside wants to acquire all the shares in the company, offering one share for every four Oil Search securities in a non-binding proposal.
The National Government owns a 10 per cent stake in Oil Search with market experts saying, any deal is subject to due diligence and approval from the Government.
Managing Director Peter Botten says the company's Board intends to review the proposal and will update shareholders and the market in due course.
He says, there is no guarantee that a binding proposal can be agreed between the parties.
Oil Search has a market capitalization of almost $10.3 billion while Woodside is capitalized at $25.2 billion.