XRG-led Consortium Withdraws Indicative Offer for Santos
ABU DHABI, 17th September, 2025 – The XRG-led Consortium has announced the withdrawal of its indicative offer, confirming it will not proceed with a binding bid to acquire Santos.
The Consortium clarified that while it continues to hold a positive outlook on the Santos business, a combination of factors has collectively impacted its assessment. After a comprehensive evaluation and careful consideration of all commercial factors—as well as the terms specified in the Scheme Implementation Agreement (SIA) as required by the Santos Board—the Consortium concluded it would not proceed with the proposed transaction.
The group expressed disappointment at not moving forward with the proposal. Nevertheless, it reaffirmed its commitment to being responsible and disciplined investors, focused on creating value for shareholders and promoting long-term growth.
In a public statement, the Consortium extended its appreciation to the Santos management team for their assistance throughout the process and thanked all levels of government and other stakeholders for their constructive engagement. The Consortium emphasized that these interactions reinforced its confidence in Australia’s energy and investment environment, as well as in other regions where Santos operates.
The Consortium also noted its intention to have undertaken substantial long-term commitments to Australian energy production—aimed at bringing meaningful benefits to domestic gas consumers and enhancing regional energy security.
Looking forward, XRG reaffirmed its dedication as a strategic long-term investor, stating a commitment to seeking value-accretive opportunities across gas & LNG, chemicals, and energy solutions, all supported by a rich pipeline of investment opportunities to be pursued further.
Team V.4-EM-UAE
