Santos deal: XRG Consortium seeks more time
A. SREENIVASA REDDY (ABU DHABI)XRG Consortium, which has launched a bid to acquire 100% of Santos, the Australian oil and gas company, has requested more time to secure approvals before a final agreement can be signed.In a statement, Santos said it had been informed by the consortium that even if terms were agreed and due diligence completed, it would still not be in a position to enter into a binding agreement as requisite final approvals had yet to be obtained.'The XRG Consortium has indicated that these approvals are expected to take four weeks to obtain (assuming an expedited process, potentially longer without) from the time that both due diligence is complete and the terms of an SIA are agreed in principle,' Santos noted.The company said a final deal is unlikely to be signed by August 22, when the extended due diligence period ends. 'Notwithstanding this development, discussions with the XRG Consortium remain ongoing,' Santos added.On June 13, the consortium submitted a non-binding, indicative proposal to acquire all outstanding Santos shares at $5.76 per share, valuing the company at about $18.72 billion. The consortium comprises XRG, a subsidiary of Abu Dhabi National Oil Company (ADNOC), Abu Dhabi Development Holding Company (ADQ), and US-based investment firm Carlyle.
The consortium was originally granted six weeks to conduct due diligence, with a two-week extension approved last week. During this period, it was given access to confidential financial, operational, legal and strategic information about Santos.
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