Adelaide-based Santos said that XRG, comprised of the Abu Dhabi National Oil Company, Abu Dhabi Development Holding Company and US private equity fund Carlyle, had tabled an indicative cash offer of US$5.76 a share — equivalent to A$8.89 — which represented a 28 per cent premium to the company’s closing share price last week.

Australian oil and gas explorer Santos received an $18.7 billion acquisition bid from a consortium led by Abu Dhabi National Oil Co. (Adnoc), it said in a press release on Monday. The XRG Consortium includes Adnoc’s subsidiary XRG P.

Adnoc's investment arm XRG PJSC joins peers including Saudi Aramco in targeting LNG, tapping the potential of one of the fastest-growing fossil fuel markets