https://newsletter.mw.creamermedia.com
Energy|Gas|Oil And Gas|Operations
Energy|Gas|Oil And Gas|Operations
energy|gas|oil-and-gas|operations

Santos flags delay in finalising ADNOC-led offer beyond deadline

19th August 2025

By: Reuters

  

Font size: - +

Australia's Santos said on Tuesday that Abu Dhabi's National Oil Company (ADNOC)-led international consortium would not be able to finalise an $18.7-billion takeover bid for at least another four weeks, missing the August 22 deadline.

The consortium, led by ADNOC's investment arm XRG, alongside Abu Dhabi Development Holding Company (ADQ) and private equity firm Carlyle, told Santos it would need at least four more weeks to secure all required approvals, even on an expedited timeline, and potentially longer, if not, from when the scheme terms are agreed upon.

"While discussions and final confirmatory due diligence have continued to be collaborative, the parties are yet to reach agreement on acceptable terms of a binding SIA (scheme implementation agreement)," Santos said in a statement.

With final terms still unresolved, it is unlikely for the parties to sign a scheme agreement before the extended Friday deadline.

The transaction, if completed, would give XRG stakes in major operations across Australia and Papua New Guinea. However, oil and gas producer Santos' position as a key energy firm in Australia poses regulatory challenges to the deal.

"Given the scale of the transaction, the XRG-led consortium continues to conduct due diligence and progress negotiations on a binding agreement," the consortium said in a statement.

"Once due diligence has been completed and the scheme implementation agreement has been agreed, customary corporate approvals will be sought."

The deal requires approval from regulators in Australia, Papua New Guinea, and the US.

Meanwhile, Santos said it would defer its interim earnings report to August 25 from August 20.

Shares of the company fell as much as 3.5% to a more than five-week low of A$7.68, as of 0101 GMT, compared to a 0.5% decline in the ASX 200 benchmark index .AXJO. It was among the top losers in the broader equities gauge.

Edited by Reuters

Article Enquiry

Email Article

Save Article

To advertise email advertising@creamermedia.co.za or click here

Latest News

Canadian Resources and Energy Minister Tim Hodgson and Australian Resources Minister Madeleine King
Australia and Canada deepen critical minerals collaboration
Updated 2 hours 52 minutes ago By: Creamer Media Reporter

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

G20Lens analysis, Glencore, Harmony Gold make headlines
G20Lens analysis, Glencore, Harmony Gold make headlines
31st October 2025
Magazine round up | 31 October 2025
Magazine round up | 31 October 2025
31st October 2025

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.138 0.212s - 144pq - 2rq
Subscribe Now