Abu Dhabi Consortium Bids Up to $19B for Santos

A consortium led by Abu Dhabi National Oil Company's investment arm XRG, together with ADQ and Carlyle Group, has made a non-binding indicative offer to acquire all shares of Australia's Santos for approximately $18.7–$19 billion (A$8.89 or US$5.76 per share), a 28% premium over the last closing price. The Santos board has said it will recommend the offer, pending due diligence and regulatory approvals, including review by Australia's Foreign Investment Review Board. The consortium has pledged to keep Santos’ headquarters, brand, and local employment in Australia. The South Australian government has expressed concerns about foreign control and may intervene if the deal is deemed not in the state's interests. The offer comes amid global energy market volatility driven by heightened Middle East tensions and underscores the strategic value of Australian gas assets. If completed, this would rank among the largest energy sector acquisitions of the year.