Santos extends XRG due diligence to late-August for $30b takeover
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The news: Fossil fuel giant Santos has extended the exclusive due diligence period with a consortium led by Abu Dhabi’s XRG, allowing it to advance towards a scheme implementation agreement.
The numbers: On 16 June, Santos confirmed that it had received a “final non-binding indicative offer” to be wholly acquired by a consortium led by XRG, an international energy investment company launched by the Abu Dhabi National Oil Company, for USD5.76 ($8.89) per share. This implies Santos’ equity value is about $30 billion.
The context: The XRG consortium has substantially completed due diligence in relation to the potential transaction under a process and exclusivity deed signed on 27 June 2025.
The company told Santos that it has not discovered anything that would result in a withdrawal of the indicative proposal and is working towards agreeing on a binding transaction.
As such, due diligence under the deed has been extended by two weeks and will now expire on 22 August 2025.
The source: ASX
