Santos receives US$30bn takeover proposal from UAE-led consortium
Santos (ASX:STO) has received a non-binding, indicative proposal from the XRG Consortium—led by Abu Dhabi’s ADNOC and including ADQ and Carlyle—to acquire all ordinary shares at US$5.76 (A$8.89) per share. The cash offer represents premiums of up to 44% over various VWAP benchmarks. The board has agreed to provide due diligence access, subject to confidentiality and exclusivity agreements, and intends to recommend the deal—if no superior offer emerges and an independent expert deems it fair. Regulatory approvals, including FIRB and PNG authorities, are still required. The proposal follows two earlier bids in March and marks a potential shift in foreign energy ownership within Australia.
Tourism Holdings receives unsolicited NZ$2.30 cash offer
Tourism Holdings (ASX/NZX:THL) has disclosed an unsolicited, conditional and non-binding indicative offer from a BGH Capital–led consortium, including the Trouchet family, to acquire all shares at NZ$2.30 per share. The offer is contingent on due diligence, debt finalisation, and board endorsement. Notably, BGH has already acquired a 19.99% stake in THL through a mix of direct purchases and agreements. A board subcommittee has been formed to assess the offer independently, and one director involved in the consortium, Luke Trouchet, has taken a leave of absence. There is no certainty the offer will proceed to a binding transaction.
ASIC launches governance inquiry into ASX
ASX Limited (ASX:ASX) has confirmed that the Australian Securities and Investments Commission (ASIC) will conduct a formal compliance assessment into its governance, risk management, and operational frameworks. The review—under sections 794C and 823C of the Corporations Act—follows concerns over trust and recent incidents, including the December 2024 CHESS batch settlement failure, which will now form part of the broader inquiry. ASX says it welcomes independent oversight and will fully cooperate. The company flagged that FY26–FY27 expense guidance may need to be revised once costs associated with the inquiry are assessed.
Amplia records second complete response in pancreatic cancer trial
Amplia Therapeutics (ASX:ATX) has announced a second confirmed complete response (CR) in its ongoing ACCENT clinical trial for advanced pancreatic cancer. Only 2 of 55 patients have achieved this milestone to date—an extraordinary outcome in a cancer type where CRs are virtually unheard of. The trial evaluates Amplia’s FAK inhibitor narmafotinib in combination with gemcitabine and Abraxane. This latest result follows a previously reported pathological CR and highlights potential breakthrough activity for narmafotinib, a highly selective agent targeting solid tumours. The study continues to recruit across Australia and South Korea.
