08.09.2015 05:49:00
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Woodside Petroleum Ltd -- Moody's: No immediate impact on Woodside's ratings following announcement
Sydney, September 08, 2015 -- Moody's Investors Service notes today's announcement by Woodside Petroleum Ltd (Baa1 stable) that it has provided Oil Search Limited (not rated) a confidential, indicative, non-binding, and conditional proposal to acquire Oil Search through a scheme of arrangement under the Papua New Guinea Companies Act. Under the proposal, Oil Search shareholders would receive all scrip consideration of 0.25 shares of Woodside for every Oil Search share and become shareholders in the combined entity.