ADNOC Walks Away From $18.7 Billion Santos Takeover ...Middle East

Abu Dhabi’s energy major ADNOC has pulled a $18.7-billion bid for Australia’s Santos as the two failed to reach an agreement on the valuation of the company and the terms of the deal. The Australian company said in a news release that “The XRG Consortium would not agree to acceptable terms which protected the value of the Potential Transaction for Santos shareholders,” and that “would not agree to an appropriate allocation of risk between the XRG Consortium and Santos shareholders under the SIA. This included the obligation…

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