Santos Extends Exclusivity Period for Adnoc-Led Takeover
(Bloomberg) -- Santos Ltd. extended the exclusivity period for its proposed $18.7 billion takeover by an Abu Dhabi-led group by four weeks.
The timeframe will now last to Sept. 19, Australia’s second-largest oil and gas producer said Monday in a regulatory filing. It is the second extension for the group consisting of Abu Dhabi National Oil Co.’s XRG unit, Abu Dhabi Development Holding Co. and Carlyle Group.
“The consortium has requested an extension of the exclusivity period to conclude due diligence and to allow the consortium to obtain all necessary approvals to enter into a binding transaction,” Santos said.
The Australian Financial Review earlier reported that an extension was likely on Monday. Santos shares declined 3.6% last week, their biggest weekly drop since April, after it flagged that there would be another delay in its takeover.
(Updates with Santos statement from first paragraph)
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