Australian oil and gas producer Santos has received a $18.72 billion acquisition proposal from a consortium led by the Abu Dhabi National Oil Company.

Australia's second largest oil and gas producer Santos announced on Monday that it has received a takeover proposal from a consortium led by the Abu Dhabi National Oil Company, amounting to approximately $18.72 billion. Santos stated that the consortium, led by a subsidiary of the Abu Dhabi National Oil Company called XRG, has made a cash offer of $8.89 Australian dollars per share. Santos described this offer as a final one. Prior to this, the consortium had made two takeover proposals in March, offering $8.00 and $8.60 Australian dollars per share respectively. Santos stated that if the consortium makes a binding takeover offer, the company plans to recommend that shareholders accept the terms of the deal.