Woodside Energy Group Ltd (NYSE:WDS) disclosed that it ended acquisition talks with Santos Ltd (OTC:SSLZY).

Today, Woodside CEO Meg O'Neill stated that "for every opportunity Woodside assesses, it conducts thorough due diligence, and will only pursue a transaction that is value accretive for its shareholders."

Also, Santos said in a statement, "Following an initial exchange of information, sufficient combination benefits were not identified to support a merger that would be in the best interests of Santos shareholders."

Woodside didn't offer a firm bid after almost two months of due diligence and negotiations undertaken by the parties, said Reuters, citing a source.

The acquisition could have created a global oil and gas giant worth A$ 80 billion ($52 billion) if it had gone through.

The buyout could have created a dominant force in the LNG market and positioned the combined entity to better negotiate with buyers and optimize its LNG operations.

Also Read: Australia's Woodside Pockets 5-Year LNG Supply Deal With Pilbara Minerals

Price Action: WDS shares are trading lower by 0.05% at $21.22 premarket on the last check Wednesday.