Woodside and Santos call off $80 billion merger

Shares in Santos today slumped heavily after news this morning that merger discussions between Woodside and Santos have been scrapped. Both companies put out statements saying they had called off discussions around the $80 billion deal. Investment managers have been warning about this merger for months – suggesting it would not create value for shareholders. Sky News Business Editor Ross Greenwood sat down with Managing Director and Chief Investment Officer of Allan Gray Simon Mawhinney to discuss the merger. Mr Mawhinney says it isn’t clear the Woodside-Santos merger would have created any value for shareholders due to the lack of “overlap” between assets.