$19 billion takeover bid takes step forward: Santos and ADNOC-led firm embark on talks

With a six-week exclusive due diligence period in effect, Australia’s energy player Santos has kicked off negotiations concerning an $18.7 billion non-binding indicative offer for all its shares with a consortium led by XRG, a subsidiary of Abu Dhabi National Oil Company (ADNOC), comprising Abu Dhabi Development Holding Company (ADQ) and global investment firm Carlyle.