Australia's Santos extends due diligence deadline for $18.7 billion ADNOC-led offer
Santos said it had extended the period of exclusive due diligence to an international consortium led by Abu Dhabi's National Oil Company (ADNOC), which had offered $18.7 billion for Australia's second biggest gas producer.
The period for exclusive due diligence has been extended until August 22, it said.
ADNOC's investment arm XRG, along with Abu Dhabi Development Holding Company (ADQ) and private equity firm Carlyle, had offered $5.76 (A$8.89) per Santos share when the proposal was announced in mid-June.
XRG now stands on the cusp of a deal that would give it stakes in major operations across Australia and Papua New Guinea— pending regulatory approval. Santos has already expressed its support for the takeover.
If the deal goes through, Santos will form the Asia-Pacific platform of a global LNG business, as ADNOC looks to diversify beyond the Middle East amid rising geopolitical tensions in the region.
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