Signage for Woodside Energy Group Ltd. atop the Mia Yellagonga building, which houses the company's headquarters, in Perth, Australia, on Tuesday, Aug. 24, 2023.
Australia's Woodside Energy said on Wednesday it had ended talks with Santos to create a possible AU$80 billion ($52.22 billion) global oil and gas giant.
Woodside said it would only pursue a deal that would add value for its shareholders.
Santos shares dropped 5% soon after the news was announced while Woodside's stock rose 2% on Wednesday.
"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 said in a statement.
Persons:
Mia Yellagonga, Santos, Meg O'Neill
Organizations:
Woodside Energy Group, Australia's Woodside Energy, Santos, Woodside
Locations:
Perth, Australia