News: OSH Oil Search proxies show backing for $6.2 bln buyout by Santos

Dec 7 (Reuters) - Papua New Guinea-focussed Oil Search Ltd (OSH) said on Tuesday that proxy votes on the company's A$8.8 billion ($6.21 billion) buyout by Santos Ltd (STO) showed overwhelming support for the deal.

About 95.43% of the proxy votes cast https://www.asx.com.au/asxpdf/20211207/pdf/453w7pgffbc1nm.pdf were in favour of the deal, which would create a global top 20 oil and gas company and make Santos the largest shareholder in Papua New Guinea's biggest resource project, the PNG LNG project, run by Exxon Mobil Corp XOM.N .

Shares of Oil Search rose as much as 3% to A$4.090 in early trade to hit its highest level in nearly two weeks.

Shareholders voted on the deal on Tuesday after Oil Search last month gained approval from a Papua New Guinea court and a mixed endorsement from an independent expert for the deal.

The buyout still needs approval from PNG's competition watchdog and national court. If all approvals are received, the deal will take effect Friday, which will be the last day of trading in Oil Search shares, the company said. ($1 = 1.4180 Australian dollars)