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Market Update

Australia Based Woodside Offered $11.7 B for Oil Search


Author: Marcus Jacob
ticker.com
Last Update: 10:33 AM ET September 08 2015

5:30 PM Sydney, Australia Australian market indexes opened higher and the benchmark ASX 200 index soared 1.7%. Late rally in China also supported market advance. The Aussie dollar continued to drift lower. Westpac Banking completed $1.3 billion note offering. Woodside Petroleum offered $11.7 billion for Oil Search.

Australian markets opened higher led by a rally in resource stocks and a late rally in Chinese stocks.

Market indexes in Hong Kong and in Shanghai soared more than 3% after the latest weak economic data suggested that the government may have to offer more stimulus programs.

Australian dollar closed at 69.61 U.S. cents and in stock trading turnover increased to 783 million shares worth $5.1 billion.

At close, the ASX 200 Index jumped 84.80 or 1.7% to 5,115.20 and the broader All Ordinaries Index advanced 82.50 to 5,133.50.

In commodities trading, gold fell US$4 to US$1,120 an ounce and Brent crude future for immediate month delivery increased $1.03 to US$48.66 a barrel.

IPO

Traditional Therapy Clinics Limited declined 4% to 48 cents after the China-based health clinic operator priced its stock at 50 cents.

The stock opened at 50 cents and closed at 48 cents.

CV Check Limited soared 5% to 21 cents after the information technology provider priced its stock at 20 cents.

The stock opened at 20 cents and closed at 21 cents.

Australian Stock Movers

Karoon Gas Australia Limited increased 2.3% to $1.77 after the exploration company received written notification from the Brazilian oil and gas regulator for its revised appraisal plan for Five Santos Basin blocks in Brazil.

Woodside Petroleum Limited slumped 3% to $29.66 after the oil and gas producer offered to acquire Oil Search Ltd for $7.65 a share or about $11.65 billion, a 13.6% premium to a closing price of Monday.

The merger proposal calls for one Woodside share for every four shares in Oil Search and the transaction is subject to approvals from shareholder, court and regulatory authority of Papua New Guinea.

Oil Search Limited surged 17.4% to $7.90.

Westpac Banking Corp jumped 2.4% to $30.52 after the financial services provider offer 13.24 million of Westpac Capital Notes 3 to raise about $1.32 billion at an issue price of $100 each.

The security is expected to trade on the Australian Securities Exchange on a deferred settlement basis from tomorrow.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc