阿布扎比放弃190亿美元收购，桑托斯市值蒸发30亿澳元引战略质疑

Core Viewpoint - The consortium led by Abu Dhabi National Oil Company's XRG has abandoned a $19 billion acquisition offer for Australian gas producer Santos, leading to a significant drop in Santos' stock price and raising questions about its future strategy and CEO Kevin Gallagher's position [1][2]. Group 1: Acquisition Details - The termination of the acquisition offer was due to a failure to reach agreement on key terms, particularly regarding valuation and tax issues [1][2]. - Santos' stock price fell by 14% during trading, resulting in a market capitalization loss of over 3 billion AUD (approximately 2 billion USD), marking the largest intraday drop since March 2020 [1]. - The consortium had previously made a non-binding offer in June, recommending a price of $5.76 per share, which represented a 28% premium over the stock price at that time [1]. Group 2: Market Reaction - Following the withdrawal of the offer, Santos' American Depositary Receipts (ADRs) dropped by 10% to $4.66, ultimately closing down 8.78% at $4.725, reflecting market concerns [2]. - Analysts have indicated that the sudden withdrawal of the offer will lead to questions regarding Santos' valuation and potential hidden risks associated with the deal [2][3]. Group 3: Strategic Implications - The failed acquisition is seen as a setback for Gallagher, who has previously rejected external acquisition proposals while pursuing aggressive production plans, which have disappointed some investors seeking higher returns [2][3]. - The aborted deal could hinder Abu Dhabi National Oil Company's efforts to diversify its business away from oil dependency and strengthen its position in the Asian market [3]. - Despite the setback, Abu Dhabi National Oil Company and XRG have stated that their merger activities will continue, with plans to transfer shares worth approximately $120 billion to XRG [4].