Macquarie’s sales desk in Hong Kong has told clients the Abu Dhabi government-backed oil company which has lobbed a $36.4 billion takeover bid for Santos could walk away to avoid embarrassment because Treasurer Jim Chalmers is unlikely to approve the major oil and gas buyout.
In a frank email, the traders said Chalmers’ political ambition – to succeed Anthony Albanese as prime minister – would make it difficult to approve the deal, given he would be blamed for future energy shortages if he allowed the Abu Dhabi National Oil Company to buy Santos.
Source: https://www.afr.com/companies/energy/santos-bidder-could-walk-away-from-36-4b-bid-macquarie-desk-warns-20250710-p5me0i