Adelaide-based Santos said that XRG, comprised of the Abu Dhabi National Oil Company, Abu Dhabi Development Holding Company and US private equity fund Carlyle, had tabled an indicative cash offer of US$5.76 a share — equivalent to A$8.89 — which represented a 28 per cent premium to the company’s closing share price last week.

But the offer for the ASX’s second-largest oil and gas producer has been met with a lukewarm reception from investors, who say the price could be higher.

SYDNEY: Abu Dhabi's state-owned oil company is leading an USD 18.7 billion takeover bid for Australian energy group Santos as it seeks to build a global natural gas giant, the two firms said Monday. Santos' board said it planned to unanimously recommend the Abu Dhabi National Oil Company's offer to shareholders if it can agree on the takeover