A consortium led by Adnoc’s international subsidiary XRG has abandoned a $18.7bn bid to acquire Australian gas and LNG firm Santos. XRG announced on 17 September that it, along with its consortium partners Abu Dhabi sovereign wealth fund ADQ and global investment firm Carlyle, had withdrawn their indicative offer.
While not providing a reason, the Adnoc subsidiary says the consortium partners had decided to drop the bid after “taking into account all commercial factors” and that they maintain “a clear focus on creating value for our shareholders and driving long-term growth.” (CONTINUED - 384 WORDS)