ADNOC Led Consortium Bids to Take Over Australian Gas Giant

Australia’s Santos has said it would accept an $18.7-billion takeover offer made by a consortium led by Emirati Adnoc, which values the company’s stock at a 28% premium to its closing price last Friday. The Emirati energy giant, acting through its investment arm XRG, teamed up with Abu Dhabi Development Company and private equity major Carlyle on the offer, which is motivated by Adnoc’s global gas expansion plans. Santos operates two large LNG facilities in Australia: Darwin LNG and Gladstone LNG. Santos is also the majority shareholders…