UAE investors, led by XRG, offered nearly $30 billion to acquire Australian oil and gas producer Santos at $8.99 per share, a 28% premium. Following the deal announcement, the South Australian government threatened to intervene if the takeover bid for the state's largest company is "not in the interests of South Australians.

But the offer for the ASX’s second-largest oil and gas producer has been met with a lukewarm reception from investors, who say the price could be higher.

SYDNEY] Abu Dhabi’s state-owned oil company is leading a takeover bid for Australian energy group Santos, valuing it at US$18.7 billion, the two firms said on Monday (Jun 16). Read more at The Business Times.