Middle Eastern consortium XRG, which is pursuing a $30 billion takeover of Santos Ltd (ASX:STO)), is entering a critical stretch, with regulatory uncertainty still clouding its path to a binding agreement.
Top executives from XRG, comprising Abu Dhabi’s state-owned oil and gas group ADNOC and private equity firm Carlyle, are expected to return to Australia this week to advance deal discussions and meet with key stakeholders.
The consortium has until 19 September to secure a binding proposal, following a surprise four-week extension aimed at finalising internal approvals.
Amid the high-stakes negotiations, former Australian treasurer Josh Frydenberg is reportedly among those offering strategic advice to XRG.
Santos shares were last trading at A$7.59.