A consortium led by Abu Dhabi’s national oil company has made a $19bn bid to take over one of Australia’s largest energy groups.
Santos said XRG, an investment arm of the Abu Dhabi National Oil Company, had made an indicative cash offer of $5.76 a share, valuing the Adelaide-based company at $18.7bn. It represents a 28 per cent premium to Santos’s closing share price last week.
Abu Dhabi Developmental Holding Company and US private equity fund Carlyle are also in the bidding group.
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