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),

Santos, an Australian oil and gas producer, has announced the receipt of a non-binding indicative proposal from a consortium led by the Abu Dhabi National Oil Company (ADNOC) to acquire all the ordinary shares of Santos through an arrangement process.

The South Australian government has warned that any takeover of domestic oil and gas giant Santos by the Abu Dhabi National Oil Company must preserve the state’s economic interests, saying it has “levers” it can pull as the UAE behemoth closes in on control.