Adnoc's XRG aims to buy Australian energy firm

XRG consortium includes Abu Dhabi investment firm ADQ and Carlyle

- BY MANOJ NAIR Business Editor

Adnoc's investment platform XRG along with Abu Dhabi investment giant ADQ is making a move to buy the Australian energy company Santos.

Carlyle, the global investment firm, is the other member of the consortium alongside XRG and ADQ that’s made a 'final' non-binding proposal to buy all of the ordinary shares of Santos Ltd.

Offer price

The offer price is set at $5.76 per share in cash.

The Santos' Board of Directors plans to 'unanimously' recommend the XRG consortium's proposal to Santos shareholders in the 'absence of a superior proposal'. And 'subject to an independent expert concluding and continuing to conclude that the proposal is fair and reasonable and in the best interests of Santos shareholders', said a statement.