Woodside Energy Group Ltd. and Santos Ltd. concluded discussions regarding a potential $52 billion merger, the company said in an official statement on Wednesday.
The merger would have created a gas company worth some $52 billion, however, according to Santos "sufficient combination benefits were not identified to support a merger that would be in the best interests of Santos shareholders."
"We continue to be disciplined in our approach to mergers and acquisitions and capital management to create and deliver value for shareholders. While the discussions with Santos did not result in a transaction, Woodside considers that the global LNG sector provides significant potential for value creation," Woodside CEO Meg O'Neill stated separately.