Dubai — ADNOC’s global investment platform XRG, in partnership with Abu Dhabi’s ADQ and U.S.-based Carlyle Group, has made a non-binding proposal to acquire 100% of Santos Ltd., a leading Australian energy company, for $5.76 per share in cash.
The Santos board has signaled its support, stating it would recommend the offer to shareholders in the absence of a superior bid, and pending confirmation from an independent expert that the deal is in shareholders’ best interests.
If approved, the consortium plans to:
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Maintain Santos’ brand, HQ in Adelaide, and current operations
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Support job growth and local community investments
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Expand Santos’ gas and LNG projects, and fund low-carbon energy initiatives, including carbon capture and clean fuels
This potential acquisition aligns with XRG’s mission to pursue strategic energy investments worldwide, further positioning the UAE as a key player in global energy transition and supply security.
However, the offer remains non-binding, and there is no guarantee the transaction will proceed.
