Australia's Woodside Energy slips after agreeing to buy Tellurian for $1.2 bln

Tellurian

22/07/2024 03:16

** Shares of Woodside Energy  WDS.AX  fall as much as 2.6%
to A$28.460, hitting their lowest level since July 10
    ** Stock currently down 2.4%, set for worst day since May 1
if losses hold
    ** Energy co agrees to buy U.S. liquefied natural gas
developer Tellurian  TELL.A , including its U.S. Gulf Coast
Driftwood LNG export project, for $1.2 bln including debt
    ** The Driftwood LNG project has had many setbacks,
including the cancellation of some LNG supply deals amid
concerns over the company's ability to finish the project
    ** Transaction includes $900 mln cash purchase of
outstanding Tellurian common stock at $1 per share, Woodside
says, representing a more than 75% premium to Tellurian's last
closing price
    ** Australian energy stocks  .AXEJ  down as much as 2.3%,
while the broader benchmark index  .AXJO  falls 0.9%
    ** Stock had fallen ~6% this year, as of last close,
compared with a 2.6% decline in the energy sub-index

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))