Australian gas producer Santos has agreed to a further extension of the exclusivity period for a potential acquisition by a consortium, led by XRG, a subsidiary of Abu Dhabi National Oil Company, along with Abu Dhabi Development Holding Company and Carlyle.
Santos confirmed the extension of the process and exclusivity deed on 11 August 2025, initially dated 27 June 2025, to 22 August 2025.
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This extension will allow the XRG Consortium to complete its due diligence and advance the execution of the scheme implementation agreement (SIA).
Currently, the SIA is being finalised between Santos and the XRG Consortium, ensuring customary protections for Santos shareholders.
This includes contingencies for any unexpected delays in finalising the potential transaction.
The consortium, on 24 August 2025, reassured that its due diligence had not revealed any issues that would cause it to retract its indicative proposal of $5.761 cash per share.
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By GlobalDataThe consortium has made an appeal for an extension to finalise due diligence and secure all required approvals for a binding agreement.
Santos has consented to this request, extending the process deed until 19 September 2025.
The exclusivity terms outlined in the 27 June 2025 announcement will remain in effect during this period, with a fiduciary exception in place since 25 July 2025 that allows Santos to consider alternative superior proposals.
Santos has noted that the finalisation of a binding SIA and the potential transaction’s progression are not guaranteed.
The company has committed to maintaining transparency with its continuous disclosure obligations.
