<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>United Arab Emirates investors have made an almost $30 billion cash bid to take over Australian oil and gas producer Santos.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A consortium of investors led by XRG, an arm of the government-owned Abu Dhabi National Oil Company, and including Abu Dhabi Development Holding Company and US private equity group Carlyle, issued the non-binding indicative proposal on Friday.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>They offered $8.99 cash per share for the acquisition of Santos — a 28 per cent premium on shareholders' stocks compared to the $6.96 closing price on Friday. </span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/epilepsy-artificial-intelligence-finding-surgical-cures-in-record-time/87ca69df-ce0a-42f4-b40f-3748734b2fc1" rel="" target="_blank" title=""><strong><span>Artificial intelligence breaks new ground for Australians with epilepsy</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Under the proposal, the XRG Consortium would maintain the company's headquarters in Adelaide and operations in Australia.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The bid was the XRG Consortium's final offer after two previous and confidential bids of $8 and then $8.60 per share in late March.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The proposal requires confirmatory due diligence by the XRG Consortium and a scheme implementation agreement between both parties. </span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/abu-dhabi-makes-30-billion-cash-bid-to-acquire-australian-oil-giant-santos/cabe7ae4-9b5a-4dcd-b003-21b5e7455627" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Santos has decided to allow the XRG Consortium access to confidential company information so they can go ahead with their due diligence and negotiate their terms of the scheme implementation agreement.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>If talks are successful, the company's board said it intends to unanimously recommend the bid to shareholders.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/temu-shein-fast-fashion-calls-for-tax-in-australia/f8b0cbbf-f92c-4132-ab25-8c15eacebf31" rel="" target="_blank" title=""><strong><span>Calls for Australia to place tax on fast fashion brands like Temu, Shein</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The Santos Board confirms that, subject to reaching agreement on acceptable terms of a binding scheme implementation agreement, it intends to unanimously recommend that Santos Shareholders vote in favour of the potential transaction," the board said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The board's early endorsement is due to the absence of a higher offer, and if deemed fair and reasonable by an independent expert.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The transaction is, however, clouded in uncertainty as it needs foreign investment approval by several domestic and international regulatory boards and commissions.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This announcement does not amount to a firm intention to make a binding offer and there can be no certainty that an offer will be made or any transaction will proceed," XRG said. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Santos notes that there is no certainty that the XRG consortium will enter into a binding scheme implementation agreement or that a potential transaction will proceed," Santos said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" 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