Jun 16, 2025 - Business

Australian energy giant Santos gets $18.7 billion takeover bid

Dan Primack

Illustration of cylindrical gas storage containers painted with exclamation points. — Illustration: Shoshana Gordon/Axios

Abu Dhabi's state-owned oil company and sovereign wealth fund have teamed with U.S. private equity firm Carlyle to make an $18.7 billion takeover bid for listed Australian energy company Santos.

Why it matters: It would be one of the largest takeovers ever in Australia, and reflects how Middle Eastern oil giants are seeking to grow their liquefied natural gas portfolios.

Zoom in: The bid is being led by XRG, an $80 billion lower-carbon and chemicals investment company that ADNOC formed late last year.

The bottom line: The deal would require approval from Australian regulators who might object to foreigners buying domestic energy infrastructure.

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Australian energy giant Santos gets $18.7 billion takeover bid

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