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A consortium led by Abu Dhabi’s national oil company has bid to take over one of Australia’s largest energy companies for around $19bn (A$29bn).
Adelaide-based Santos said that XRG, comprised of the Abu Dhabi National Oil Company, Abu Dhabi Development Holding Company and US private equity fund Carlyle, had tabled an indicative cash offer of US$5.76 a share — equivalent to A$8.89 — which represented a 28 per cent premium to the company’s closing share price last week.
Santos has been linked with a sale, break-up or asset selldown for more than a year and held talks with Australian rival Woodside without striking a deal. Adnoc has been linked with a takeover.
The bid for the natural gas developer comes during a period of volatility in the energy markets after conflict broke out between Israel and Iran.
This is a developing story
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