Overview

• The non-binding offer values Santos at A$8.89 per share, representing a 28% premium on its last closing price
• Santos’ board has agreed to recommend the bid if a binding scheme implementation agreement is reached and no superior proposal emerges
• The consortium is led by ADNOC’s XRG PJSC and includes Abu Dhabi Development Holding Company and Carlyle Group
• South Australia’s premier and energy minister have warned they could block the takeover if it does not serve local interests
• The proposal still requires approval from domestic regulators including ASIC, plus authorities in Papua New Guinea and the United States