Reported about 2 hours ago
Santos Ltd., the Australian oil and gas company, saw its market value plummet by A$3 billion (approximately $2 billion) following the collapse of a $19 billion takeover bid from Abu Dhabi National Oil Co.'s XRG unit. This marks the third unsuccessful sale attempt for Santos, plunging its shares to their lowest point in five years and raising pressure on management to improve shareholder returns or explore restructuring options. CEO Kevin Gallagher faces increasing scrutiny for prioritizing growth over immediate shareholder payouts as the company navigates mounting operational challenges.
Source: YAHOO