Abu Dhabi oil giant makes $30bn bid for Santos

A UAE-led consortium of investors has made a nearly $30bn bid to take over Australian-listed oil and gas producer Santos.
The offer is for the acquisition of all ordinary shares on issue in Santos for $8.89 per share.
This means shareholders in the company will get a 28 per cent premium on their stocks since last Friday's closing price of $6.96.
The non-binding indicative proposal has been insured by a consortium led by XRG PJSC, a subsidiary of Abu Dhabi National Oil Company, as well as Abu Dhabi Development Holding Company and US private equity group Carlyle.
The move follows two previous confidential cash offers made by the XRG- consortium on March 21 for $8 per share.
The deal still remains subject to conditions, including regulatory approvals from authorities in Australia, the US, and Papua New Guinea.
Santos also warned that there was no certainty the proposal would result in a transaction.
As a result, Santos said shareholders did not need to take any action in relation to the indicative proposal at this stage.
'Santos notes that there is no certainty that the XRG consortium will enter into a binding SIA or that a potential transaction will proceed,' the company said in a statement.
'Santos will continue to keep its shareholders informed in accordance with its continuous disclosure obligations.'
The board thinks it's in the best interest of shareholders to provide the XRG consortium with access to confidential information to start the due diligence process.
If terms are reached, the board intends to unanimously recommend shareholders agree on the deal. This is in the absence of a superior proposal and subject to the independent expert's report.

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