The non-binding, indicative proposal announced on June 16 from a consortium led by XRG P.J.S.C., a subsidiary of Abu Dhabi National Oil Company and including Abu Dhabi Development Holding Company and Carlyle (the XRG Consortium), to acquire 100% of the issued shares of Santos Limited via a cash scheme was withdrawn by the XRG Consortium.
On Sept. 15, the Santos Board advised the XRG Consortium that Santos expected to enter into a SIA (binding scheme implementation agreement) at the agreed offer price of US$5.626 if a binding proposal was received from the XRG Consortium on acceptable terms on or prior to Sept. 19.
In response the XRG Consortium notified the Santos Board yesterday evening of its decision to withdraw its Indicative proposal and not proceed with the potential transaction.
The XRG Consortium said it had not found anything in due diligence that would lead it to withdraw its indicative proposal.
In that notification, the XRG Consortium confirmed that it maintains a positive view of the Santos business and has respect for the management team.
-KAY CASHMAN
See full story in the next issue of Petroleum News.
