Overview
The news that the proposed $36.4 billion takeover of Santos was dead would have come as a bolt from the blue for the hedge funds that had accumulated hundred-million-dollar positions in the oil and gas giant.
Less than a week ago, the suitor, a consortium led by the Abu Dhabi National Oil Co, had passed through New York on a global roadshow, according to traders.
Source: https://www.afr.com/markets/equity-markets/santos-deal-s-demise-triggers-hedge-fund-scramble-and-switch-20250918-p5mw1m