Adelaide-based Santos said that XRG, comprised of the Abu Dhabi National Oil Company, Abu Dhabi Development Holding Company and US private equity fund Carlyle, had tabled an indicative cash offer of US$5.76 a share — equivalent to A$8.89 — which represented a 28 per cent premium to the company’s closing share price last week.

A consortium of investors led by XRG, an arm of the government-owned Abu Dhabi National Oil Company, and including Abu Dhabi Development Holding Company and US private equity group Carlyle, issued the non-binding indicative proposal on Friday.

SYDNEY] Abu Dhabi’s state-owned oil company is leading a takeover bid for Australian energy group Santos, valuing it at US$18.7 billion, the two firms said on Monday (Jun 16). Read more at The Business Times.