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 National Oil Company offered US$5.76 a share in a bid for all outstanding stock, valuing the entire company at US$18.7 billion. The price per share is 28% higher tha

A consortium of investors led by XRG, an arm of the government-owned Abu Dhabi National Oil Company, and including Abu Dhabi Development Holding Company and US private equity group Carlyle, issued the non-binding indicative proposal on Friday.