Australia's Santos set for weekly loss as Woodside merger talks end

STO

09/02/2024 24:02

** Shares of Australia's oil and gas firm Santos  STO.AX 
slump 7.4% so far this week, set for worst weekly drop since
June 2022 
    ** STO shares down 0.4% on Friday, on track to drop for a
third consecutive session, if losses hold  
    ** Santos and bigger rival Woodside Energy  WDS.AX  on
Wednesday said they ceased discussions for a proposed $52
billion merger, sending the former's shares 5.8% lower
    ** The talks, first announced in December, fell apart as the
two companies could not agree on a valuation level, according to
two sources with direct knowledge of the matter 
    ** STO stock down 3.4% this year, as of last close
    

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))