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Abu Dhabi Oil Consortium Cancels $30 Billion Santos Bid

9/18/2025

Summary

Story summary

The Abu Dhabi National Oil Company's consortium has withdrawn its $30 billion takeover bid for Australian gas producer Santos.
Led by XRG, the consortium cited unspecified factors affecting its assessment.
The bid raised concerns about foreign control of significant oil and gas assets and domestic energy security.
Santos' board supported the deal, despite criticism from Australian unions.
Analysts pointed out the lack of a major Australian partner as a disadvantage.

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Story summary

The Abu Dhabi National Oil Company's consortium has withdrawn its $30 billion takeover bid for Australian gas producer Santos.
Led by XRG, the consortium cited unspecified factors affecting its assessment.
The bid raised concerns about foreign control of significant oil and gas assets and domestic energy security.
Santos' board supported the deal, despite criticism from Australian unions.
Analysts pointed out the lack of a major Australian partner as a disadvantage.