Part of Abu Dhabi, UAE with surrounding area viewed from the helicopter. Many details are visible in the image.
Share this @internewscast.com

United Arab Emirates investors have made an almost $30 billion cash bid to take over Australian oil and gas producer Santos.

A group of investors, spearheaded by XRG, which is a division of the state-owned Abu Dhabi National Oil Company, along with the Abu Dhabi Development Holding Company and the American private equity firm Carlyle, put forward a non-binding indicative offer on Friday.

They proposed $8.99 cash per share to acquire Santos, representing a 28 percent premium over the stock’s closing price of $6.96 on the same day.

Part of Abu Dhabi, UAE with surrounding area viewed from the helicopter. Many details are visible in the image.
The United Arab Emirates has made an almost $30 billion cash bid to take over Australian oil and gas producer Santos.(LinkedIn)

“The Santos Board confirms that, contingent upon agreeing on acceptable terms of a binding scheme implementation agreement, it plans to unanimously recommend that Santos Shareholders vote in favor of the potential transaction,” the board stated.

The board’s early endorsement is due to the absence of a higher offer, and if deemed fair and reasonable by an independent expert.

The transaction is, however, clouded in uncertainty as it needs foreign investment approval by several domestic and international regulatory boards and commissions.

“This announcement does not amount to a firm intention to make a binding offer and there can be no certainty that an offer will be made or any transaction will proceed,” XRG said. 

“Santos notes that there is no certainty that the XRG consortium will enter into a binding scheme implementation agreement or that a potential transaction will proceed,” Santos said.

Share this @internewscast.com
You May Also Like
President Donald Trump speaks during a cabinet meeting at the White House, Tuesday, July 8, 2025, in Washington. (AP Photo/Evan Vucci)

Trump Considers Doubling Tariffs on Australia

US President Donald Trump has declared his intention to impose a 35…
President Donald Trump speaks during a cabinet meeting

Trump Announces Plans to Make a ‘Significant’ Statement on Russia

Two days after complaining about Vladimir Putin’s “bulls—“, Donald Trump says he’s…
Police probing mystery death at popular Adelaide beach

Authorities Investigating Unexplained Death at Well-Known Adelaide Beach

A young man’s death at a beach in Adelaide’s southern suburbs remains…
Grok

Elon Musk’s AI chatbot unexpectedly shares antisemitic content

Grok, the AI-powered chatbot created by Elon Musk’s xAI, has begun pushing…
The plant found in oceans and pools could transform lives of thousands of burns victims.

Researchers Discover Plant That May Revolutionize Burn Treatment by Making it Faster and More Affordable

Thousands of burn victims across Australia might soon benefit from a new,…

“Brazil’s President Threatens Equivalent Retaliation to Trump’s Tariff Plan, Vows ‘We’ll Impose a 50% Charge'”

Brazil’s President Luiz Inacio Lula da Silva expressed his desire for a…

Ireland’s Ben Healy Clinches Solo Victory in Tour de France Stage Six

Ireland’s Ben Healy won stage six of the Tour de France in…
'Most famous handbag of all time' sells for $15 million

Iconic Handbag Fetches $15 Million at Auction

The initial prototype of the Birkin handbag, conceived on an air sickness…
Missing surfer Darcy Deefholts

Teen Surfer, 19, Discovered Stranded on Island 12km Off Coast

A missing surfer who disappeared from the New South Wales coast yesterday…
Lorde (pictured) appears to be gearing up for a long-awaited return to Australia and New Zealand - and fans are losing it

Lorde Teases Australasian Tour Dates for Her Ultrasound World Tour, Fans Speculate

Lorde appears to be gearing up for a long-awaited return to Australia…
An alleged Rebels bikie member has been charged after police uncovered a video of a caged cat being fatally shot at point-blank range on his phone.

Rebels Motorcycle Gang Member Charged with Shooting Trapped Cat Denied Bail

Ceejay Greenwood, 29, was allegedly driving a stolen truck on June 28…
Police are appealing for witnesses to come forward after a girl was hit and run over by a dirt bike in Sydney's far south-west yesterday.

Search for Motorcyclist After Dirt Bike Incident Involving 9-Year-Old Girl

Police are appealing for witnesses to come forward after a girl was…