ASX 200 closes up 0.5%, Santos, Oil Search to merge

ASX 200 closes up 0.5% at 7406.6 points after rising 0.8%, as S&P 500 futures rose 0.3% and share markets in Japan and China rose 1%.

The ASX 200 on Thursday posted its biggest one-day fall in four months. Picture: Gaye Gerard

Welcome to the Trading Day blog for Friday, September 10. The ASX 200 closed up 0.5% at 7406.6 points after rising 0.8% to 7430. It came as S&P 500 futures rose 0.3% and share markets in Japan and China rose 1%.

Santos and Oil Search have signed a merger agreement, cementing a $21bn deal that will see the combined business catapult into the world’s 20 largest energy companies.

Santos will own 61.5 per cent of the merged company to Oil Search’s 38.5 per cent, a boost for Oil Search to the previous 63-37 per cent weighting between the two which was rejected by its board.

Santos expects the merger to unlock pre-tax synergies of $US90m -$US115m a year excluding integration and other one-off costs which it said will benefit both sets of shareholders.

Originally published as ASX 200 closes up 0.5%, Santos, Oil Search to merge

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