Landmark $18.7B Santos-ADNOC takeover delayed: What to know
Santos said in a statement that the due diligence period, initially set for six weeks, has been extended until Aug. 22.
Santos, Australia’s second-largest oil and gas producer, announced Monday that it had extended the due diligence period for its $18.7 billion takeover bid by a consortium led by UAE state oil firm Abu Dhabi National Oil Company.
What happened: The Australian firm said in a statement that the period, originally set for six weeks, had been extended until Aug. 22. Santos' first-half results are scheduled for release on Aug. 20, just days before the deadline.
ADNOC’s investment arm, XRG, as well as wealth fund Abu Dhabi Development Holding Company and US private equity firm Carlyle, offered $5.76 (A$8.89) per Santos share in its initial offer in an all-cash deal, first announced in June.
Santos said in the Monday statement that the consortium had “substantially completed” its work after the initial six-week exclusive diligence period, which ended last Friday.
