Oil Search bows to ExxonMobil in battle for InterOil

July 21, 2016 12:27 AM

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Oil Search bows to ExxonMobil in battle for InterOil

MELBOURNE Australia's Oil Search Ltd on Thursday cleared the way for ExxonMobil Corp (XOM.N) to take over InterOil Corp (IOC.N) for $2.2 billion, opting not to raise its rival offer for its partner in a rich Papua New Guinea gas field.

ExxonMobil this week trumped an offer for InterOil from Oil Search, which was backed by Total SA (TOTF.PA), in a move that could lead to the U.S. and French giants tying together their competing gas export projects in the South Pacific nation.

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