ADNOC-led consortium abandons $A28b Santos takeover bid
Abu Dhabi withdrew the proposal to take over $ 18.7 billion (A28 billion dollars) proposed for the international, Australian gas manufacturer Santos.
Abu Dhabi Egemen Fund said Adq and private capital company Carlyle, along with Adnoc’s foreign investment branch XRG will not make a binding offer for Santos.
“The Consortium, led by the XRG, announced that it has withdrawn its indicator offer today and will not continue with a binding offer for Santos.” He said.
“Consortium maintained a positive view of Santos business, and a combination of factors affected the consortium’s assessment of the indicator proposal.”
Disciplined investors focusing on creating value for our shareholders and long -term growth, although it disappoints not to progress, XRG and Consortium partners.
“The consortium strengthened our confidence in all government and other stakeholders and other places where Santos operates, because of their positive and constructive participation to the Santos management team for their help in the process.”
Last month, Santos said that there was no certain thing that negotiations would lead to a binding transfer agreement for the largest cash inheritance in the history of Australia.
The collapse of the agreement comes about 20 months after the end of the unification negotiations between Santos and larger rival Woodside.
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