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.

Abu Dhabi's state-owned oil company and sovereign wealth fund have teamed with U.S. private equity firm Carlyle to make an $18.7 billion takeover bid for listed Australian energy company Santos. Why it matters: It would be one of the largest takeovers ever in Australia,