Santos Limited has received a non-binding indicative acquisition proposal from the XRG Consortium, offering A$8.89 per share, presenting a significant premium and strategic investment opportunity.
Target Information
Santos Limited (ASX: STO), an Australian oil and gas producer, has received a non-binding indicative proposal from a consortium led by XRG P.J.S.C., a subsidiary of the Abu Dhabi National Oil Company (ADNOC). This consortium also includes the Abu Dhabi Development Holding Company (ADQ) and the Carlyle Group. The proposal, dated 13 June 2025, aims to acquire all outstanding ordinary shares in Santos for a cash offer price of A$8.89 (US$5.76) per share.
As of the proposal's announcement, this offer represents a significant premium over recent trading benchmarks. Specifically, it reflects a 28% premium to Santos' last closing price of A$6.96 and notably higher premiums against various volume-weighted average prices spanning different timeframes.
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XRG Consortium
invested in
Santos Limited
in 2025
in a Public-to-Private (P2P) deal
Disclosed details
Transaction Size: $235M