Aramco and Adnoc Are Considering Bids for Gas Producer Santos
- Company has received multiple takeover offers in recent years
- It has operations in Australia, Papua New Guinea, Alaska
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Saudi Aramco and Abu Dhabi National Oil Co. have been separately studying potential bids for Santos Ltd., people with knowledge of the matter said, becoming the latest companies to show an interest in the Australian producer’s liquefied natural gas assets.
The stock rose as much as 6.5% in Thursday trading, hitting the highest level in more than two years. They were up 4.2% at the close in Sydney, valuing Santos at A$26 billion ($17.4 billion). The company’s languishing share price has led to several failed takeover attempts in recent years and spurred calls for it to break up its businesses.