XRG consortium makes third offer for Santos
Santos has received a non-binding indicative proposal from a consortium led by XRG to acquire all its shares.
The proposal was submitted by XRG P.J.S.C., a subsidiary of ADNOC and including Abu Dhabi Development Holding Co. (ADQ) and Carlyle.
It follows earlier non-binding and indicative proposals from the XRG consortium in March.
The latest offer would be subject to the completion of confirmatory due diligence by the XRG consortium and negotiation and execution of an agreed scheme implementation agreement with Santos.
Implementation of that scheme would be conditional on approvals from various government bodies in Australia and Papua New Guinea.
The Santos board has decided it is in the best interests of its shareholders to grant XRG access to confidential information for conducting due diligence and negotiate the terms and conditions of an scheme implementation agreement.
If all parties can reach agreement on the terms of a binding scheme implementation agreement, Santos would recommend that its shareholders vote in favor of the transaction, in the absence of a better offer.
