XRG and Carlyle navigate regulatory maze with Santos bid
The $36.4 billion pursuit of Santos looms as one of the first real tests of the Australian Competition and Consumer Commission's new merger regime.
It is well understood that ADNOC-owned XRG and Carlyle Group must clear a major foreign investment hurdle for their $36.4 billion purchase of Santos.
After all, they are the first large investor in years to take such a large bite out of Australia’s gas network.
But concern is mounting over the role of the Australian Competition and Consumer Commission under its new merger control regime — despite the consortium holding no other Australian gas assets that could raise competition issues.
Crucially, it remains unclear whether XRG and Carlyle have applied for competition clearance at all.
