It’s likely a bittersweet end to the week for former owners of Oil Search Ltd (ASX: OSH) shares as the company officially becomes history.
Oil Search’s merger with Santos Ltd (ASX: STO) has now been implemented, with Santos acquiring all of Oil Search’s stock.
As of Friday’s close, the Santos share price is $6.45.
Meanwhile, the Oil Search share price remains at its final resting place of $4.04, as it has been since it stopped trading on Monday.
Let’s take a look back at Oil Search’s time on the ASX and its now completed merger with Santos.
Oil Search’s highs and lows
Oil Search was established in 1929. It first earned its place in the S&P/ASX 50 Index (ASX: XFL) in 2008.
The company’s former CEO, Peter Botten, was awarded the title of the longest serving CEO of an ASX company in 2019, after serving 25 years at the helm. Botten retired from the company in 2020.
Oil Search’s stock faced one of its worst days in March 2020, when the price of oil plummeted from underneath it.
Conversely, one of the company’s best days on the market came in 2015 when, interestingly, Woodside Petroleum Limited (ASX: WPL) made a $12 billion takeover bid.
Interested readers can find a handy booklet on the company’s history, created for its 90th birthday, here.
However, all good things must end.
Oil Search is officially no more
On Monday, the ASX will open without Oil Search. Instead, new Santos shares issued to former Oil Search shareholders will begin trading on a normal settlement basis.
The final takeover deal saw Oil Search shareholders receiving 0.6275 Santos shares for each Oil Search security owned.
As of today, all Oil Search directors have resigned. Dr Eileen Doyle and Mr Musje Werror joined the Santos board today.
Mr Michael Utsler will also join the board after Santos’ 2022 Annual General Meeting.
And just like that, the ASX is home to one less oil and gas giant.
The post And just like that, Oil Search (ASX:OSH) shares are no more appeared first on The Motley Fool Australia.
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More reading
- 5 things to watch on the ASX 200 on Friday
- 5 things to watch on the ASX 200 on Thursday
- Here’s what’s boosting the Santos (ASX:STO) share price today
- What ASX 200 energy shareholders should know about the Permian Basin 2022
- Leading brokers name 3 ASX shares to buy today
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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