Saudi, UAE interest puts $25b Santos in play

According to the Australian Financial Review, as Australian superannuation funds distance themselves from fossil fuel investments, sovereign-backed Saudi Aramco and Abu Dhabi National Oil Co (Adnoc) emerged as possible suitors for the $25 billion Santos, which failed to strike a merger with Woodside Energy earlier this year.
That deal would have brought Santos to the attention of a wide group of potential bidders, but none of that attention has resulted in an offer, industry sources note. At the same time, Santos chief executive Kevin Gallagher and the company’s advisers have been working to consider alternative options, including a corporate restructure, although the option of a spin-off of LNG has been shelved as unworkable.

https://www.afr.com/companies/energy/middle-east-report-revives-santos-takeover-speculation-20240704-p5jr0i
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