Santos Gets $18.72 Billion Takeover Offer From Adnoc-Led Consortium

By David Winning

SYDNEY--Santos, Australia's second-largest producer of oil and natural gas, on Monday said it has received a takeover offer from a consortium led by Abu Dhabi's national oil company worth some US$18.72 billion.

Santos said the consortium, led by Abu Dhabi National Oil Co. unit XRG, is offering 8.89 Australian dollars a share, equivalent to US$5.76, in cash. That offer--described by Santos as final--follows two proposals made in March worth A$8.00 a share and A$8.60 a share, respectively.

Other members of the bid group vying to acquire Santos are Abu Dhabi Development Holding Co. and private-equity firm Carlyle.

Write to David Winning at david.winning@wsj.com