Australian oil and gas firm Santos announced yesterday that the international consortium led by Abu Dhabi National Oil Company (ADNOC) will not be able to finalize its acquisition offer for the company, valued at $18.7 billion, before the extended deadline of August 22.
Last week, Santos reported that it had prolonged the exclusive due diligence period for the ADNOC-led consortium until August 22.
The consortium, which includes ADNOC’s investment arm (XRG), along with ADQ and Carlyle Group, informed Santos that it would require at least another four weeks to secure all necessary approvals from the date the terms of the agreement were set.
Under the terms of the deal, XRG would acquire stakes in key operations in Australia and Papua New Guinea. The transaction is subject to regulatory approval due to Santos’s status as a major energy player in Australia.