Santos Shares Fall After Another Delay in $19 Billion Takeover

Santos Ltd. shares dropped the most in almost two months after another delay in its $18.7 billion takeover by an Abu Dhabi-led group.

Santos and the consortium of Abu Dhabi National Oil Co.’s XRG unit, Abu Dhabi Development Holding Co. and Carlyle Group have yet to reach agreement on acceptable terms of a binding scheme implementation agreement and will be unable to do so before the exclusivity period ends on Friday, the Australian gas producer said in a regulatory filing. The stock fell as much as 3.6% in Sydney.