Tellurian shareholders back proposed $1.2 bln Woodside deal (updated)
04/10/2024 14:22
(Adds share movement and background in paragraph 2 and 3)
Oct 4 (Reuters) - Tellurian TELL.A shareholders have
voted in favor of the U.S. LNG developer's proposed $1.2 billion
acquisition by Australian energy producer Woodside Energy Group
WDS.AX , the company said on Friday.
Shares rose 1.4% to 98 cents in premarket trade.
Woodside in July agreed to buy Tellurian, including its U.S.
Gulf Coast Driftwood LNG export project.
The agreement is expected help solve Tellurian's
financial woes. The U.S. company has been searching for
financial partners to fund the LNG facility. In May, it said it
would sell its upstream assets to pay off some of its 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.
(Reporting by Seher Dareen and Tanay Dhumal in Bengaluru;
Editing by Sriraj Kalluvila)
((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal;))