Santos Takeover Bid Collapses as XRG Consortium Withdraws $16B Offer

Santos Limited (ASX: STO) confirmed that a consortium led by Abu Dhabi National Oil Company’s subsidiary XRG P.J.S.C., alongside Abu Dhabi Development Holding Company and Carlyle, has withdrawn its US$16 billion takeover proposal, ending months of negotiations over a potential acquisition. The XRG Consortium pulled its non-binding offer of US$5.626 per share after failing to agree on risk allocation and regulatory commitments under a proposed Scheme Implementation Agreement. The bid, first tabled in June ...