A consortium led by XRG failed to acquire Santos for $18.7bn.

A consortium led by XRG, the investment arm of ADNOC, a state-owned oil company of the UAE, failed to acquire Santos, an Australian oil and gas exploration and production company, for $18.7bn. "Santos has a clear strategy, strong leadership and high-quality growth opportunities across our global portfolio. The Board is confident these strengths will deliver long-term value for shareholders," Keith Spence, Santos Chairman.