Abu Dhabi’s XRG Walks Away from Santos Takeover
The Santos Ltd. logo displayed at an entrance of Santos Place building, which houses the company's office, in Brisbane, Australia.
Photographer: Ian Waldie/BloombergGood morning everyone, it’s Ben here in a brisk Melbourne, this is what’s making headlines today.
Today’s must-reads:
• Abu Dhabi ditches $19 billion Santos takeover
• Albanese fails to finalize security deal with PNG
• Federal Reserve cuts rates on weak US jobs market
Abu Dhabi National Oil Company dropped its planned $19 billion takeover of Australian natural gas producer Santos, walking away from an ambitious effort to expand overseas after failing to agree on key terms. A “combination of factors” discouraged the company’s XRG unit from making a final bid, it said Wednesday.