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Adnoc-led consortium drops $19b takeover bid for Santos
Gulf News
|September 18, 2025
XRG'S WITHDRAWAL FOLLOWS AUSTRALIAN LABOUR UNION OPPOSITION
An XRG-led consortium, backed by Abu Dhabi National Oil Company (Adnoc), has withdrawn its indicative offer for Australian energy producer Santos Ltd., ending months of negotiations over a potential $18.7 billion deal.
The consortium decided not to proceed with a binding offer following a comprehensive evaluation. While the consortium continues to hold a positive view of Santos' business, it said a combination of factors collectively influenced its decision.
Clamour to block deal
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