<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A Middle Eastern consortium has pulled the plug on a $36.4 billion offer to </span><a href="https://www.9news.com.au/national/abu-dhabi-makes-30-billion-cash-bid-to-acquire-australian-oil-giant-santos/cabe7ae4-9b5a-4dcd-b003-21b5e7455627" rel="" target="_blank" title="buy Australian oil and gas giant Santos"><span>buy Australian oil and gas giant Santos</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The decision was announced by XRG, an investment company which is also a vehicle for the Abu Dhabi National Oil Company.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"A combination of factors, when considered collectively, have impacted the consortium's assessment of its indicative offer," a statement on the company's website read.</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><span> </span><a href="https://www.9news.com.au/world/donald-trump-uk-visit-king-charles-iii-prepares-to-welcome-trump-windsor-castle/3fc8ad29-f31f-4424-9b29-6c6fbd5fe706" target="_blank"><strong><span>Trump fixated on 'so healthy, so beautiful' host</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The takeover bid had been in progress for months, beginning in March, however delays in the past two months had raised concerns that the bid would not eventuate after all.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The failure to reach a deal comes a day before Santos's </span><a href="https://www.afr.com/companies/energy/massive-36-4b-santos-takeover-deal-collapses-as-adnoc-walks-away-20250916-p5mvfw" rel="" target="_blank" title="September 19 deadline for a binding takeover to be completed"><span>September 19 deadline for a binding takeover to be completed</span></a><span>. The price was trimmed to $US5.626 ($8.46) after the payment of an interim dividend by Santos.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In its own statement, Santos said it had expressed concerns to the consortium surrounding the delays.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/finance/santos-australia-30-billion-takeover-xrg/6417fb8b-1fc0-4131-9909-e32b7787af45" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The Santos board had expressed its concern to the XRG consortium about delays in agreeing to the SIA (scheme implementation agreement)", the company said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The XRG Consortium would not agree to acceptable terms which protected the value of the potential transaction for Santos shareholders."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/jimmy-kimmel-show-pulled-offair-indefinitely-after-charlie-kirk-remarks/2d96c5ce-aa33-4e98-9406-1e9b48a30e0f" target="_blank"><strong><span>Jimmy Kimmel yanked off air over Charlie Kirk comments</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It is unknown exactly what factors about Santos' business led to the consortium stepping away from the multibillion-dollar deal.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Santos is an oil and gas company, which is based in Adelaide.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It is the biggest supplier of natural gas in Australia and also maintains a large presence in Asia.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In its latest profit result for full-year 2024, posted in August, Santos's </span><a href="https://www.afr.com/companies/energy/santos-profits-slump-on-flat-output-and-lower-prices-as-takeover-drags-20250813-p5mmrg" rel="" target="_blank" title="profit slid 31 per cent to $US439 million"><span>profit slid 31 per cent to $US439 million</span></a><span> on sales that dipped 5 per cent to $US2.58 billion.</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"><em><strong><span>DOWNLOAD THE 9NEWS APP</span></strong></em></a><em><strong><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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