Adnoc-Led Consortium Drops $18.7 Billion Bid to Take Over Australia's Santos
By Najat Kantouar
A consortium led by Abu Dhabi National Oil Co. said it withdrew its $18.7 billion bid to take over Australia's Santos, walking away from a deal that would have ranked among the largest in the energy sector this year.
Adnoc's unit XRG, which led a consortium with Abu Dhabi Development Holding Co. and private-equity firm Carlyle as partners, said Wednesday that it wouldn't proceed with the offer, citing terms demanded by Santos's board.
Santos, Australia's second-largest producer of oil and natural gas, disclosed the proposal in June and had been in negotiations with the consortium since then. Last month, the company said it and the consortium were finalizing an agreement that would include protections for Santos shareholders in case the potential transaction took longer than expected to close.
Santos didn't immediately respond to a request for comment outside of business hours in Australia.
XRG said the decision not to proceed followed a comprehensive evaluation of all commercial factors and terms included in the agreement required by the Santos board.
The Adnoc unit said it had a rich and deep pipeline of investment opportunities that it would continue to pursue.
Write to Najat Kantouar at najat.kantouar@wsj.com
(END) Dow Jones Newswires
September 17, 2025 11:28 ET (15:28 GMT)
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