Latest news with #XRG-led
Al Etihad
a day ago
- Business
- Al Etihad
XRG consortium granted two-week extension to complete due diligence in Santos acquisition bid
11 Aug 2025 13:11 A. SREENIVASA REDDY (ABU DHABI) The XRG-led consortium, which initiated a bid to acquire 100% of Santos, a leading Australian oil and gas producer, has been granted an additional two weeks to complete its due diligence, Santos said in a statement.'The XRG Consortium has now substantially completed due diligence in relation to the bid,' the statement added.'The XRG Consortium has confirmed it has not discovered anything to date that would cause it to withdraw its proposal and has confirmed its commitment to working constructively with Santos to complete the due diligence promptly and agree on a binding transaction,' Santos said. The company has consented to an extension until August 22 to enable the consortium to finalise due XRG consortium consists of XRG; a subsidiary of the Abu Dhabi National Oil Company (ADNOC); Abu Dhabi Development Holding Company, a sovereign wealth fund of Abu Dhabi; and US-based investment firm 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 approximately $18.72 billion. The offer represented a 28% premium to Santos' closing share price at the the six-week due diligence period, the consortium was permitted to review confidential financial, operational, legal and strategic information about Santos to assess the proposed acquisition. This period has now been extended by two its proposal statement, the consortium said it aims to build on Santos' legacy as a trusted and reliable energy producer, while unlocking additional gas supply for customers and enhancing domestic and international energy security. 'The proposed transaction is aligned with XRG's strategy and ambition to build a leading integrated global gas and LNG business,' it said. JP Morgan is acting as financial adviser to the XRG consortium, with Linklaters and Allens as legal advisers. For Santos, Goldman Sachs and JB North & Co are acting as financial advisers, Rothschild & Co is serving as independent board adviser, and Herbert Smith Freehills Kramer is legal counsel.
Al Etihad
29-06-2025
- Business
- Al Etihad
XRG consortium's bid to acquire Santos enters next stage
29 June 2025 17:45 A. SREENIVASA REDDY (ABU DHABI)The XRG-led consortium's bid to acquire 100% of Santos, a leading Australian oil and gas producer, has entered its next phase. Both parties have now entered into a due diligence process, formalised through what is known as a Process Deed, during which the XRG will get exclusive access to the company's information. A statement to this effect was issued by Santos Limited on consortium is led by XRG, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), along with Abu Dhabi Development Holding Company (ADX), a sovereign wealth fund of Abu Dhabi, and US-based investment firm June 13, the XRG consortium submitted a non-binding, indicative proposal to acquire all outstanding Santos shares at $5.76 per share, valuing the company at approximately $18.72 billion. The offer represented a 28% premium to Santos' closing share price at the to the statement, the Process Deed will allow the parties to negotiate, in parallel with the due diligence process, a binding scheme implementation deed (SID).'The XRG consortium has been granted exclusive due diligence access for a period of six weeks (Exclusivity Period) from June 27,' the statement this six-week period, the XRG consortium is allowed to review confidential financial, operational, legal, and strategic information about Santos in order to assess the proposed Santos statement added: 'A fiduciary exception applies, enabling the Santos Board to deal with potentially superior proposals from competing acquirers for four weeks from June 27.'The XRG consortium has also entered into a confidentiality agreement with clarified that shareholders are not required to take any action at this stage. The company also noted that there is no certainty the consortium will proceed to a binding SID or that a transaction will ultimately take place. It pledged to continue keeping shareholders informed of material a statement issued at the time of the proposal, the XRG consortium said it aims to build on Santos' strong legacy as a trusted and reliable energy producer, while unlocking additional gas supply for Santos' customers and enhancing domestic and international energy security.'The proposed transaction is aligned with XRG's strategy and ambition to build a leading integrated global gas and LNG business,' the statement Morgan is acting as financial adviser to the XRG consortium, while Linklaters and Allens are serving as legal advisers. On the Santos side, Goldman Sachs and JB North & Co are acting as financial advisers, with Rothschild & Co serving as independent board adviser and Herbert Smith Freehills Kramer as legal counsel.
Nikkei Asia
16-06-2025
- Business
- Nikkei Asia
Abu Dhabi's ADNOC launches $18.7bn takeover bid for Australia's Santos
SYDNEY -- Australian oil and gas company Santos announced Monday that it has received a takeover offer worth $18.7 billion from a consortium led by international energy investment company XRG, a subsidiary of Abu Dhabi's state-owned oil company ADNOC. The XRG-led consortium, which includes Abu Dhabi Development Holding Company (ADQ) and U.S. investment firm Carlyle, has proposed a "final non-binding indicative offer" to acquire 100% of Santos stock for $5.76 per share in cash.
Nikkei Asia
16-06-2025
- Business
- Nikkei Asia
ADNOC launches $18.7bn takeover bid for Australia's Santos
SOPHIE MAK and SHAUN TURTON SYDNEY -- Australian oil and gas company Santos announced Monday that it has received a takeover offer worth $18.7 billion from a consortium led by international energy investment company XRG, a subsidiary of Abu Dhabi's state-owned oil company ADNOC. The XRG-led consortium, which includes Abu Dhabi Development Holding Company (ADQ) and U.S. investment firm Carlyle, has proposed a "final non-binding indicative offer" to acquire 100% of Santos stock for $5.76 per share in cash.
Nikkei Asia
16-06-2025
- Business
- Nikkei Asia
ADNOC launches $18.7 billion takeover bid for Australia's Santos
SYDNEY -- Australian oil and gas company Santos announced Monday that it has received a takeover offer worth $18.7 billion from a consortium led by international energy investment company XRG, a subsidiary of Abu Dhabi's state-owned oil company ADNOC. The XRG-led consortium, which includes Abu Dhabi Development Holding Company (ADQ) and U.S. investment firm Carlyle, has proposed a "final non-binding indicative offer" to acquire 100% of Santos stock for $5.76 per share in cash.
