Santos, Australia’s second-largest oil and gas company, has given its Emirati suitor four weeks to finalise its $36.4 billion takeover bid, before it opens the door to potential rival offers.
An agreement between Santos and a consortium led by the Abu Dhabi National Oil Company, allows for six weeks of due diligence. However, after four weeks Santos’ board led by chair Keith Spence is permitted to enter discussions with rival bidders if a superior takeover offer is made.
