Will the third time be a charm for ADNOC's $36b plans for Santos?
Last Friday, as Adelaide experienced an early morning cold snap, the city's largest ASX-listed company received a surprise communication from the Middle East. Santos was told to expect a proposal. It arrived after the market closed, an email detailing a non-binding $36.4 billion offer for the oil and gas producer, the ASX's largest ever cash bid.
The bid, according to one person who was involved in the confidential discussions, 'came virtually out of the blue'. That's because the consortium, led by the Abu Dhabi National Oil Company, had been there before. Two offers in late March had been rebuffed. Then months of silence.
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