Herbert Smith Freehills Kramer, Linklaters and Allens are advising on a proposed USD18.7 billion takeover bid for Australia’s gas producer Santos from an international consortium led by the Abu Dhabi National Oil Company (ADNOC).
Santos said on 16 June that it had received a non-binding indicative proposal from a consortium led by XRG, ADNOC’s international investment arm, with Abu Dhabi Development Holding Company and private equity firm Carlyle to acquire all its shares.
The Australian company’s board said, “It intends to unanimously recommend that Santos shareholders vote in favour of the potential transaction, in the absence of a superior proposal.”
Linklaters and Allens, which have an integrated alliance, are advising the XRG consortium. While M&A partners Nicholas Edwards, Patrick Sutton-Mattocks and Ben Suen are leading the Linklaters team. Vijay Cugati and Tom Story from Allens are advising on Australian matters.
On the other hand, Herbert Smith Freehills Kramer was acting as legal adviser to Santos, the gas company said. The law firm declined to comment.
The indicative proposal is subject to due diligence and regulatory clearance.
