Abu Dhabi Group Pulls out of $19 Billion Santos Acquisition

Santos says the consortium would not abide by conditions it felt would protect shareholders.

This picture shows a view of the Abu Dhabi skyline on May 14, 2025. FADEL SENNA/AFP via Getty Images

A branch of Abu Dhabi’s state-run Abu Dhabi National Oil Co. (ADNOC) has backed out of its planned $19 billion (US$12.6 billion) acquisition of Australian gas and oil giant Santos.

ADNOC had announced in June it would take on 100 percent of the company’s shares in a cash transaction.