Coalition led "Xrg" It provides an offer to acquire the Australian Energy Company "Santos"
Abu Dhabi, June 16 / WAM / XRG, the leading international company for specific investment in the energy sector and owned by “ADNOC”, announced a coalition that leads it to a “unlimited guidance offer” to acquire the Australian Santos Company, the leading energy in the field Quiet.
It is expected that the coalition will complete the necessary audit procedures and the proposal remains not binding until the required conditions are fulfilled, and there is no guarantee that a binding offer or the conclusion of any deal.
The headquarters of the company is located in the Australian city of Adelaide, and it has operations in Australia, Papua New Guinea, and the United States of America, and it also has a variety of natural gas origins, liquefied natural gas, and oil.
The company is also invested in carbon capture techniques, storage, hydrogen technologies, and works to develop low carbon fuel solutions to support emissions reduction.
The company “Santos” announced the presentation of its board of directors in a positive response to the offer of the coalition led by “XRG” and that the council intends to issue a consensus recommendation to the company’s shareholders to accept the offer.
The proposal will be subject to the entry of the two parties in a compulsory agreement after the coalition completed the necessary audit procedures and obtain related institutional and organizational approvals.
The proposed deal is in line with the “XRG” strategy to expand and develop its business internationally in the fields of gas, chemicals and energy solutions, to contribute to meeting the increasing demand for these resources, and to create and enhance the value to all concerned authorities.
The XRG coalition has strategic experiences and ability to implement quality and long -term investments and provide additional gas supplies to Santos customers, which contributes to enhancing energy security.
ADNOC’s leading capabilities in the fields of trade and shipping will contribute to improving the efficiency of “Santos” operations, which enhances value and provides more comprehensive and accumulated services to its customers.
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