2025-06-16-高盛-桑托斯有限公司（STO）_桑托斯有限公司（STO.AX）_收到XRG和凯雷每股8.89澳元的收购意向报价；未评级_6页_248kb

Santos Ltd. Acquisition Offer Summary

Key Details

• Acquisition Offer: Santos Ltd. (STO.AX) received a non-binding, indicative cash offer of A$8.89 per share from XRG (a subsidiary of ADNOC) and Carlyle.
• Premium: The offer represents a 28% increase over the closing price on 13 June 2025, based on specific Brent oil price assumptions.
• Timeline: Follows prior offers of A$8.00 and A$8.60 per share on 21 March and 28 March 2025.

Conditions

• Requires shareholder approval, completion of due diligence by the XRG Consortium, and regulatory clearances, including from Australia's FIRB, ASIC, NOPTA, PNG Securities Commission, and foreign investment bodies in the US and elsewhere.
• Subject to a binding scheme agreement, absence of superior offers, and an independent expert concluding fairness.

XRG Strategy and Stakeholder Views

• XRG plans to expand by 2035 with a top 5 integrated gas and LNG business (20-25 mtpa) and chemicals platform.
• Goldman Sachs (GS) issued a Not Rated opinion, with a price target of A$6.96 (indicating no upside), based on their financial forecasts and valuation, while disclosing potential conflicts of interest as a financial advisor and investor.

Analyst and Market Context

• GS forecast earnings growth and provided valuation metrics, but the deal is contingent on various factors. Multiple regulatory disclosures highlight standard conflicts in investment banking relationships.