OSH to reject $11.6b deal after WPL talks canned, page-30

Just picked this up from the AFR.

http://www.afraccess.com/communication?cid=DB5140271A01F148ED3970F873CB08&iid=601050914

Three interesting comments:-
1. "Aurora Funds Management spoke out on Friday about its position for the first time, capturing the angst among investors about Woodside's proposal.
"We have communicated to Woodside management our preference that the company's excess capital either be returned to shareholders equally or be used to buy producing assets from motivated sellers like Apache energy, rather than being transferred to Oil Search shareholders," said Hugh Dive, senior portfolio manager for Aurora."
2. "Some Woodside shareholders have been outspoken about their frustration with the deal, arguing the company would be better placed targeting specific assets such as a stake in the PNG LNG project via Santos rather than paying a premium for Oil Search."
3. "A third option to beef up its LNG exposure could be a bid for the more moderately priced PNG focused explorer Interoil Corporation, which holds a market value of just $US1.6 billion."

I am glad that some major shareholders are now reflecting the overarching opinion of HC members.
The view of STO's stake or InterOil appears to be getting a lot of press currently. I am expecting the sp to continue to be under pressure until WPL makes a move that shareholders believe to be the correct one.

HT1