{"id":105033,"date":"2025-06-30T00:00:00","date_gmt":"2025-06-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/"},"modified":"2025-06-30T00:00:00","modified_gmt":"2025-06-30T00:00:00","slug":"xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/","title":{"rendered":"XRG-led consortium kicks off due diligence for Santos takeover"},"content":{"rendered":"

Australian oil and gas producer Santos granted the consortium led by <\/strong>Adnoc\u2019s international investment arm XRG six-week <\/strong>exclusive due diligence access<\/strong>, starting 27 June, as part of a potential USD 18.7 bn takeover, according to a disclosure(pdf)<\/a>. During this exclusivity period, Santos is bound by \u201cno shop,\u201d \u201cno talk,\u201d and \u201cno due diligence\u201d clauses, though a fiduciary exception remains in place should a superior offer emerge after four weeks. <\/p>\n

Background: <\/strong>The consortium, which includes Abu Dhabi sovereign wealth fund ADQ and private equity firm Carlyle, submitted earlier this month an indicative, <\/span>non-binding USD 18.7 bn takeover<\/a> bid to acquire Santos. The consortium would pay USD 5.76 (AUD 8.89) per share as part of the transaction.<\/span><\/p>\n

ADVISORS-<\/strong> Goldman Sachs and JB North & Co are financial advisors to Santos, while Rothschild & Co is acting as independent board advisor. Herbert Smith Freehills Kramer is acting as legal advisor to Santos.<\/p>\n","protected":false},"excerpt":{"rendered":"

Santos\u2019 board retains the right to engage with better offers starting four weeks into the exclusivity period<\/p>\n","protected":false},"author":1,"featured_media":105034,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[1306,57,7,1342,1344,60,2012],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-105033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-abu-dhabi-national-oil-company","tag-adnoc","tag-enterpriseam-uae","tag-investment","tag-ma","tag-ma-watch","tag-xrg","wpautop","entry"],"acf":{"mongo_id":"a72e344d-52b7-4b9f-9620-241d8962df3b","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/5\/691.jpg","photo_position":"above","homepage_title":"","full_issue_title":"XRG-led consortium kicks off due diligence for Santos takeover","related_issue":[105021],"teaser":"Santos\u2019 board retains the right to engage with better offers starting four weeks into the exclusivity period","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/6\/.86613038-4379-445f-8bae-0be1ee66bad0.mp3"},"yoast_head":"\nXRG-led consortium kicks off due diligence for Santos takeover - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"XRG-led consortium kicks off due diligence for Santos takeover\" \/>\n<meta property=\"og:description\" content=\"Santos\u2019 board retains the right to engage with better offers starting four weeks into the exclusivity period\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/\" \/>\n<meta property=\"og:site_name\" content=\"UAE\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-30T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/691.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"XRG-led consortium kicks off due diligence for Santos takeover\",\"datePublished\":\"2025-06-30T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/\"},\"wordCount\":155,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/691.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Abu Dhabi National Oil Company\",\"Adnoc\",\"EnterpriseAM UAE\",\"investment\",\"M&A\",\"M&A WATCH\",\"XRG\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/\",\"url\":\"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/\",\"name\":\"XRG-led consortium kicks off due diligence for Santos takeover - UAE\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/691.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2025-06-30T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/691.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/691.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/uae\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"XRG-led consortium kicks off due diligence for Santos takeover\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"name\":\"UAE\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\",\"name\":\"UAE\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/42998.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/42998.svg\",\"caption\":\"UAE\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"XRG-led consortium kicks off due diligence for Santos takeover - UAE","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/","og_locale":"en_US","og_type":"article","og_title":"XRG-led consortium kicks off due diligence for Santos takeover","og_description":"Santos\u2019 board retains the right to engage with better offers starting four weeks into the exclusivity period","og_url":"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/","og_site_name":"UAE","article_published_time":"2025-06-30T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/691.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"XRG-led consortium kicks off due diligence for Santos takeover","datePublished":"2025-06-30T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/"},"wordCount":155,"publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/691.jpg?fit=%2C&ssl=1","keywords":["Abu Dhabi National Oil Company","Adnoc","EnterpriseAM UAE","investment","M&A","M&A WATCH","XRG"],"articleSection":["M&A WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/","url":"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/","name":"XRG-led consortium kicks off due diligence for Santos takeover - UAE","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/691.jpg?fit=%2C&ssl=1","datePublished":"2025-06-30T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/691.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/691.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/uae\/2025\/06\/30\/xrg-led-consortium-kicks-off-due-diligence-for-santos-takeover\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/uae\/"},{"@type":"ListItem","position":2,"name":"XRG-led consortium kicks off due diligence for Santos takeover"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/uae\/#website","url":"https:\/\/enterpriseam.com\/uae\/","name":"UAE","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/uae\/#organization","name":"UAE","url":"https:\/\/enterpriseam.com\/uae\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/42998.svg","contentUrl":"https:\/\/ent.news\/internal\/42998.svg","caption":"UAE"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/691.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/691.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/691.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/105033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/comments?post=105033"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/105033\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/issue\/105021"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media\/105034"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media?parent=105033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/categories?post=105033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/tags?post=105033"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/brand?post=105033"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=105033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}