Australia gas producer Santos will “unanimously recommend” its shareholders vote in favour of an $18.7bn takeover from a consortium led by XRG, the Abu Dhabi National Oil Company (Adnoc) subsidiary, Abu Dhabi Holding Company, and global investment firm Carlyle.
Under the proposed takeover, the consortium will buy Santos shares in a cash offer price of $5.761.
Goldman Sachs and JB North & Co are acting as financial advisers to Santos, Rothschild & Co is acting as independent board adviser, and Herbert Smith Freehills Kramer is acting as legal adviser to Santos.
The move reflects XRG’s growing global aspirations and would provide it with access to Santos’ two Australian liquefied natural gas operations (Gladstone and Darwin) as well as interests in Papua New Guinea, where the Angore project in PNG’s Hela Province will deliver up to 350 million standard cubic feet per day.
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