The Abu Dhabi National Oil Company leads a consortium seeking to acquire Australian natural gas producer Santos.

Australian natural gas producer Santos announced on June 16 that it has received a non-binding, indicative takeover offer from a consortium led by the investment department of the Abu Dhabi National Oil Company, XRG. Other members of the consortium include the Abu Dhabi Development Holdings Company and The Carlyle Group. Santos stated that the indicative cash offer from the XRG-led consortium is $5.76 per share, valuing the company at $18.7 billion.