Univestable Santos incinerates Aussie gas

Friday 19 September 2025

Let’s make a story where there isn’t one.

The stunning collapse of the $30bn Santos takeover after six months of exhaustive talks and diligence will have investors rightly asking what else is lurking inside the gas play, and why are they still in the dark?

On Wednesday night, Abu Dhabi’s XRG consortium, led by the Abu Dhabi National Oil Company (ADNOC) and Carlyle, walked away from its $US5.62 ($8.45) a share cash offer. The decision, made just days before an extended due diligence deadline, blindsided Santos’ board.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.