Australia's second-largest gas producer Santos said on Monday it intended to support an all-cash $18.7 billion takeover bid from an international consortium led by Abu Dhabi's National Oil Company (ADNOC),

Adelaide-based Santos said that XRG, comprised of the Abu Dhabi National Oil Company, Abu Dhabi Development Holding Company and US private equity fund Carlyle, had tabled an indicative cash offer of US$5.76 a share — equivalent to A$8.89 — which represented a 28 per cent premium to the company’s closing share price last week.

Santos shares surged over 15% following a $18.7 billion takeover bid by a consortium led by a unit of Abu Dhabi's National Oil Company. The consortium also includes the Abu Dhabi Development Holding Co and global private equity firm Carlyle Group.