Australia-based Santos has granted unique due diligence entry for six weeks to the consortium led by Abu Dhabi Nationwide Oil Firm (ADNOC), which provided $18.7bn for the Australian oil and gasoline producer.
Santos entered a course of and exclusivity deed with the XRG Consortium, led by ADNOC subsidiary XRG.
The non-binding indicative proposal suggests an acquisition of all issued shares of Santos at a money worth of $5.76 (A$8.89) per share.
The method deed outlines the phrases beneath which the consortium will conduct due diligence and concurrently negotiate a binding scheme implementation deed to finalise the acquisition.
The consortium, which incorporates Abu Dhabi Growth Holding Firm and Carlyle, has been granted a six-week unique interval to entry Santos’ due diligence information ranging from immediately.
Throughout the exclusivity interval, Santos is certain by commonplace non-disclosure obligations, together with “no store”, “no speak”, “no due diligence”, and “notification” necessities. Nevertheless, a fiduciary exception permits Santos’ Board to entertain probably superior affords from different events, starting 4 weeks from the date of the information room opening.
The confidentiality phrases agreed upon between Santos and the XRG consortium are detailed in a separate settlement, making certain the safety of delicate info all through the acquisition course of.
Santos has operations throughout Australia, Papua New Guinea, Timor-Leste and the US. The corporate’s working construction consists of three regional enterprise models targeted on implementing company technique and a midstream power options enterprise unit.
The corporate has a portfolio of liquefied pure gasoline vegetation adjoining to prolific gasoline assets and various built-in oil and gasoline manufacturing property.
“Santos provides XRG Consortium six weeks for $18.7bn takeover evaluate” was initially created and revealed by Offshore Know-how, a GlobalData owned model.
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