ADNOC targets Santos in big LNG push
The takeover, if it gets the all-clear from regulators and other government authorities, would propel XRG and its parent firm ADNOC into the top tier of global LNG players
Australia is set to see the largest all-cash takeover in its history after a consortium led by XRG—the investment vehicle of the UAE’s state oil company ADNOC—proposed the $19b acquisition of Santos, the country’s second-largest oil and gas producer. The deal would help propel XRG, and by extension ADNOC, into the top tier of global LNG players, although it may face significant regulatory hurdles. XRG, Abu Dhabi’s sovereign wealth fund ADQ and global investment firm Carlyle, announced the non-binding bid on 16 June, for all ordinary shares in Santos, for $5.76/share in cash. The proposal, backed by Santos’ board, represented a 28% premium to the company’s closing price on 13 June. Following
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