Abu Dhabi’s state oil company Adnoc has walked away from an $18.7bn deal for Santos, one of Australia’s largest energy groups, after negotiations soured.
The bid, announced in June, represented Australia’s biggest takeover and would have transformed the international gas business of XRG, Adnoc’s overseas investment arm.
However, there was strong domestic opposition to the prospect of an Australian gas company passing into foreign ownership, putting pressure on politicians charged with approving the deal.
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