Massive $36.4b Santos takeover deal collapses as ADNOC walks away
Abu Dhabi National Oil Co has walked away from its $36 billion takeover offer for Santos, becoming the third bidder to abandon a proposed acquisition for the country’s second-biggest oil and gas producer.
ADNOC’s foreign investment arm XRG, which led the bidding consortium, said it had found factors during its due diligence work on Santos that had reduced its assessment of the target’s value.
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