Santos has granted an extension for due diligence to its Middle Eastern bidder until September 19. This follows an announcement last week that the Abu Dhabi-led group required more time to finalise their work and secure necessary approvals for the potential takeover. The extension adds four weeks to the initial eight-week period of exclusive due diligence, which expired on August 22.
Santos is in the process of finalising a binding takeover agreement with the XRG consortium, led by Abu Dhabi National Oil Co’s overseas arm. Santos is an Australian oil and gas company. It explores, develops, produces, and markets hydrocarbons across Australia and internationally.
The XRG consortium reaffirmed on Sunday that their due diligence has not revealed any reasons to withdraw their indicative proposal to acquire Santos at $US5.76 per share. This confirmation suggests continued interest in the acquisition, pending the completion of the extended due diligence period and subsequent approvals.
Shareholders and market observers will be closely watching developments as the new deadline approaches. The outcome of these negotiations will significantly impact Santos’s future and the broader energy sector.
