SYDNEY -- Australia's second-largest oil and gas producer, Santos, is likely to come under increased shareholder pressure to change strategy after a consortium led by XRG, the overseas investment arm of Abu Dhabi National Oil Company, abandoned its $18.7 billion takeover bid for the company.
Energy
Abu Dhabi-led investors walk away from major Australian gas deal
What would have been country's largest cash takeover collapses in 3 months
A multi-billion dollar proposal to acquire Santos, Australia's second-largest oil and gas producer, has unraveled. © Reuters
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