Abu Dhabi’s massive state-owned oil company has had preliminary talks with Santos about taking a stake in the ASX-listed business, which is the country’s second-largest gas producer after Woodside Energy.
The Abu Dhabi National Oil Company, known as Adnoc, has not put a formal takeover proposal on the table. That move would require disclosure. However, people with detailed knowledge of the talks said they took place “recently” and “given market volatility, Adnoc may look to move quickly”.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
