Santos Limited (STOSF.PK,SSLTY.PK,STO.AX) announced that on 13 June 2025, it received a final non-binding indicative proposal from a consortium led by XRG P.J.S.C.—a subsidiary of the Abu Dhabi National Oil Company—together with ADQ and Carlyle.
The proposal includes an offer to acquire all outstanding ordinary shares in Santos for US$5.76 or A$8.89 per share, representing a 28% premium to the company's last closing price of A$6.96 on the ASX as of 13 June 2025.
This latest offer follows earlier indicative proposals from the consortium, submitted on 21 March and 28 March 2025, at US$5.04 or A$8.00 and US$5.42 or A$8.60 per share, respectively.
Following a review, the Santos Board has determined it is in the best interests of shareholders to provide the XRG Consortium with access to confidential information for confirmatory due diligence. Negotiations will begin on the terms of a scheme implementation agreement, subject to mutual agreement on due diligence access.
Santos said its board intends to unanimously recommend that shareholders vote in favor of the potential transaction, in the absence of a superior proposal and pending an independent expert's confirmation that the deal is fair, reasonable, and in shareholders' best interests.
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