The coalition led by XRG announced yesterday that it has withdrawn its non-binding advisory offer to acquire the Australian company Santos. The coalition reiterated its positive outlook on Santos and its operations, explaining that the decision was made after conducting a thorough assessment and considering all business factors and the requirements set forth by Santos’ board regarding the execution agreement.
Despite the unsuccessful completion of this transaction, which did not align with the coalition’s investment criteria, XRG and its partners remain committed, as responsible and disciplined investors, to focus on creating and enhancing shareholder value while driving long-term growth. The coalition expressed gratitude to the Santos management team for their support and assistance throughout this process. The coalition had been prepared to commit to new long-term obligations in the energy production sector in Australia, aiming to deliver significant benefits to Australian gas consumers and bolster energy security in the region.