Latest news with #XRG-led
Al Etihad
9 hours ago
- Business
- Al Etihad
XRG consortium's bid to acquire Santos enters next stage
29 June 2025 17:45 A. SREENIVASA REDDY (ABU DHABI)The XRG-led consortium's bid to acquire 100% of Santos, a leading Australian oil and gas producer, has entered its next phase. Both parties have now entered into a due diligence process, formalised through what is known as a Process Deed, during which the XRG will get exclusive access to the company's information. A statement to this effect was issued by Santos Limited on consortium is led by XRG, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), along with Abu Dhabi Development Holding Company (ADX), a sovereign wealth fund of Abu Dhabi, and US-based investment firm June 13, the XRG consortium submitted a non-binding, indicative proposal to acquire all outstanding Santos shares at $5.76 per share, valuing the company at approximately $18.72 billion. The offer represented a 28% premium to Santos' closing share price at the to the statement, the Process Deed will allow the parties to negotiate, in parallel with the due diligence process, a binding scheme implementation deed (SID).'The XRG consortium has been granted exclusive due diligence access for a period of six weeks (Exclusivity Period) from June 27,' the statement this six-week period, the XRG consortium is allowed to review confidential financial, operational, legal, and strategic information about Santos in order to assess the proposed Santos statement added: 'A fiduciary exception applies, enabling the Santos Board to deal with potentially superior proposals from competing acquirers for four weeks from June 27.'The XRG consortium has also entered into a confidentiality agreement with clarified that shareholders are not required to take any action at this stage. The company also noted that there is no certainty the consortium will proceed to a binding SID or that a transaction will ultimately take place. It pledged to continue keeping shareholders informed of material a statement issued at the time of the proposal, the XRG consortium said it aims to build on Santos' strong legacy as a trusted and reliable energy producer, while unlocking additional gas supply for Santos' customers and enhancing domestic and international energy security.'The proposed transaction is aligned with XRG's strategy and ambition to build a leading integrated global gas and LNG business,' the statement Morgan is acting as financial adviser to the XRG consortium, while Linklaters and Allens are serving as legal advisers. On the Santos side, Goldman Sachs and JB North & Co are acting as financial advisers, with Rothschild & Co serving as independent board adviser and Herbert Smith Freehills Kramer as legal counsel.
Nikkei Asia
16-06-2025
- Business
- Nikkei Asia
Abu Dhabi's ADNOC launches $18.7bn takeover bid for Australia's Santos
SYDNEY -- Australian oil and gas company Santos announced Monday that it has received a takeover offer worth $18.7 billion from a consortium led by international energy investment company XRG, a subsidiary of Abu Dhabi's state-owned oil company ADNOC. The XRG-led consortium, which includes Abu Dhabi Development Holding Company (ADQ) and U.S. investment firm Carlyle, has proposed a "final non-binding indicative offer" to acquire 100% of Santos stock for $5.76 per share in cash.
Nikkei Asia
16-06-2025
- Business
- Nikkei Asia
ADNOC launches $18.7bn takeover bid for Australia's Santos
SOPHIE MAK and SHAUN TURTON SYDNEY -- Australian oil and gas company Santos announced Monday that it has received a takeover offer worth $18.7 billion from a consortium led by international energy investment company XRG, a subsidiary of Abu Dhabi's state-owned oil company ADNOC. The XRG-led consortium, which includes Abu Dhabi Development Holding Company (ADQ) and U.S. investment firm Carlyle, has proposed a "final non-binding indicative offer" to acquire 100% of Santos stock for $5.76 per share in cash.
Nikkei Asia
16-06-2025
- Business
- Nikkei Asia
ADNOC launches $18.7 billion takeover bid for Australia's Santos
SYDNEY -- Australian oil and gas company Santos announced Monday that it has received a takeover offer worth $18.7 billion from a consortium led by international energy investment company XRG, a subsidiary of Abu Dhabi's state-owned oil company ADNOC. The XRG-led consortium, which includes Abu Dhabi Development Holding Company (ADQ) and U.S. investment firm Carlyle, has proposed a "final non-binding indicative offer" to acquire 100% of Santos stock for $5.76 per share in cash.
Sky News AU
16-06-2025
- Business
- Sky News AU
Aussie oil and gas giant Santos receives almost $30b takeover bid from consortium led by Abu Dhabi National Oil Company
Australia's second largest oil and gas producer has received an almost $30b takeover offer from a group led by the Abu Dhabi National Oil Company (ADNOC) as it looks to expand its global gas business. The $25b energy giant Santos told shareholders on Monday the group, which includes global investment firm Carlyle and is known as the XRG Consortium, received a proposal to acquire the Aussie company for US$5.76 (A$8.89) per share. The bid marks a 28 per cent jump on Santos' Friday closing share price of $6.69 and follows two previous offers at lower prices made in March. Santos said it has provided the XRG Consortium with access to confidential information on the company to determine an offer. The consortium said it wants Santos to enter into an exclusivity deed before further discussions and negotiations. Santos' board has recommended its shareholders vote in favour of the potential takeover. The deal will need the approval from a litany of bodies including the Australia Securities and Investments Commission, the Foreign Investment Review Board and the National Offshore Petroleum Titles Administrator. XRG Consortium has promised to keep Santos' headquarters in Adelaide, support Aussie employment and the communities where it operates and bolster gas investment in Australia. 'The XRG-led consortium aims to build on Santos' strong and longstanding legacy as a trusted and reliable energy producer, unlocking additional gas supply for Santos' customers, and strengthening domestic and international energy security,' the consortium said in a statement. 'The proposed transaction is aligned with XRG's strategy and ambition to build a leading integrated global gas and LNG business.' E&P analyst Adam Martin said he had considered Santos as a target for mergers and acquisitions (M&A) for more than two years now. 'Since that time, there has been numerous media articles about potential M&A and an official approach from Woodside regarding a merger between the two companies,' Mr Martin said. 'With the passage of time, our conviction level on Santos being acquired has been reducing as the business has effectively been open to offers but there has been limited newsflow. 'That said, now does feel like an opportune time to acquire Santos with risks building on energy prices and Santos entering a free cash inflection phase with the completion of several major growth projects.' ADNOC's investment marks a shift for the UAE company as it embarks on becoming a leader in the gas and LNG sectors. Santos' share price has jumped 12.7 per cent on Monday since news of the bid came to light.
