Friday, October 28

Eastern Star Shareholders Back Santos Takeover

Oil and gas company Santos has gained approval from Eastern Star Gas shareholders for a $924-million takeover of its coal-seam gas rival.

Eastern Star shareholders met in Sydney this morning, with 81 per cent voting in favour of the deal. Some expressed concerns the company had been sold too cheaply.

Both companies have been under fire from opponents of their coal-seam gas projects in northern New South Wales.

Today's vote came just a day after Liverpool Plains farmers began a blockage of a property where Santos is drilling a CSG exploration well.

Protesters also gathered in Sydney, both inside and outside the meeting venue, calling for Eastern Start's CSG operations in the Pilliga region to be scrapped.


ABC 1233 Newcastle

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