Street Talk

Santos, Adnoc poised to announce $30b deal; JPM, Allens on ticket

Sarah Thompson, Kanika Sood and Emma Rapaport

Jun 16, 2025 – 8.30am

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Abu Dhabi’s state-owned oil company Adnoc has agreed terms on a $30 billion takeover of Santos. The deal is expected to be announced on Monday.

It comes after Street Talk revealed on Sunday that Adnoc had held 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 sources told this column that Adnoc was expected to “move quickly” given recent market volatility due to the spiking oil price.

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.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.