$19 billion merger deal is off: ADNOC’s XRG ends takeover talks with Santos
Dwelling Fossil Strength $19 billion merger deal is off: ADNOC’s XRG ends takeover talks with Santos
September 17, 2025,
by
Melisa Cavcic
A consortium tear by XRG, a subsidiary of Abu Dhabi Nationwide Oil Company (ADNOC), which involves Abu Dhabi Pattern Protecting Company (ADQ) and world funding company Carlyle, has withdrawn its $18.7 billion non-binding indicative supply for Australia’s energy player Santos.
After acquiring an extension of the exclusivity length to attain due diligence and manufacture all critical approvals for a binding transaction, touching on its proposal to attain Santos’ all weird and wonderful shares through a scheme of intention, the ADNOC-led consortium has rescinded its indicative supply; thus, this would possibly maybe also not proceed with a binding supply for the Australian player.
XRG defined: “Whereas the consortium maintains an even peek of the Santos industry, a combination of components, when scheme to be collectively, have impacted the consortium’s overview of its indicative supply. Following a complete overview, and taking into yarn all industrial components and the terms of the scheme implementation Aagreement (SIA) required by the Santos Board, the consortium has determined that this would possibly maybe also not be continuing with the proposed transaction.”
“Whereas dissatisfied not to switch forward, XRG, and its consortium companions, are to blame, disciplined traders with a determined focal level on creating cost for our shareholders and using long-timeframe development. The consortium extends its appreciation to the Santos administration body of workers for their help throughout, to boot to all ranges of executive and other stakeholders for their positive and optimistic engagement.”
The company underlines that this expertise bolstered the consortium’s self assurance in Australia’s energy and funding environment, to boot to other locations the assign Santos operates, which is why it used to be willing to undertake long-timeframe commitments to Australian energy manufacturing to teach “critical advantages to home gasoline buyers and enhance regional energy safety.”
Given XRG’s low-carbon agenda and 5-365 days industry scheme to construct an constructed-in gasoline and liquefied natural gasoline (LNG) industry with 20–25 million tons per annum (mtpa) skill by 2035, the company stays dedicated to pursuing cost-accretive opportunities across realms much like gasoline, LNG, chemical substances, and energy alternate options.
Whereas the Santos acquisition is now off the desk, ADNOC’s XRG claims to have “a rich and deep pipeline of funding opportunities,” which this would possibly maybe also withhold pursuing.
