Australian company Santos announced yesterday that it has extended the exclusive due diligence period for an international consortium led by the Abu Dhabi National Oil Company (ADNOC), which has proposed a $18.7 billion acquisition of the country’s second-largest gas producer.
The due diligence phase has now been prolonged until August 22.
ADNOC’s investment arm, XRG, along with ADQ Holdings and The Carlyle Group, initially offered $5.76 per share (approximately AUD 8.89) for Santos during the announcement of the bid in mid-June. XRG is on the verge of finalizing a deal that would secure it stakes in significant operations in Australia and Papua New Guinea.
Santos has already expressed its support for the acquisition.