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A recent development in the energy industry involves a consortium led by Abu Dhabi’s national oil company making a bid to acquire one of Australia’s largest energy companies for approximately $19 billion (A$29 billion). Adelaide-based Santos has confirmed that XRG, which includes the Abu Dhabi National Oil Company, Abu Dhabi Development Holding Company, and US private equity fund Carlyle, has put forward an indicative cash offer of US$5.76 per share, equivalent to A$8.89. This offer represents a significant 28% premium to Santos’ closing share price from the previous week.
Santos has been considering options such as a sale, breakup, or asset selldown for over a year. The company has engaged in discussions with Australian competitor Woodside in the past, but no agreement was reached. Adnoc’s interest in a potential takeover has also been rumored in the industry.
The bid for Santos, a prominent natural gas developer, comes at a time of heightened volatility in the energy markets. Tensions between Israel and Iran have escalated, impacting global energy supply and demand dynamics.
This story is still developing, and more updates are expected in the near future.
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