Adelaide-based Santos said that XRG, comprised of the Abu Dhabi National Oil Company, Abu Dhabi Development Holding Company and US private equity fund Carlyle, had tabled an indicative cash offer of US$5.76 a share — equivalent to A$8.89 — which represented a 28 per cent premium to the company’s closing share price last week.

The Abu Dhabi consortium is not the first potential buyer of a company undervalued by Australia's stock exchange and with good gas assets

SYDNEY: Australian oil and gas producer Santos say it intends to support an US$18.7bil takeover bid from an international consortium led by Abu Dhabi's National Oil Co (Adnoc), which is looking to grow a global gas business.