From the OZ... Oil Search still a takeover target: CSOil Search...

From the OZ... 

Oil Search still a takeover target: CSOil Search has re-emerged as a takeover target with foiled suitor Woodside Petroleum a potential acquirer while Chinese buyers and French energy giant Total may also target the Papua New Guinea-focused producer, Credit Suisse says.The exit of the PNG government as a shareholder last year, the need for joint venture alignment ahead of the PNG LNG expansion moving to a final investment decision and longstanding questions over appointing a successor to long-time chief executive Peter Botten point to a possible takeover attempt in the next few years.“We believe Oil Search’s primary takeover defence in the past has been the government stake, and management’s good job of selling a share price premium to make an acquisition difficult to justify for any acquirer,” Credit Suisse analyst Saul Kavonic says in a note to clients.“But the cash windfall in the exploration and production sector in 2018 - the industry has had higher cash margins this year than during the oil price peak year of 2012 - has left bigger industry players with plenty of ammunition looking for a target. Botten’s eventual handover could be to a new owner rather than the new CEO.”It says any “material softening” in Oil Search’s share price could see an acquirer pounce.Oil Search shares have fallen by 21 per cent to $7.30 since October 5 reflecting a 30 per cent fall in the price of crude to about $60 a barrel.