Santos Secures $18.7 Billion Offer From Adnoc

Good morning, it’s Carmeli from another cold Sydney morning here to bring you the latest headlines.

Today’s must-reads:
• Santos gets $18.7 billion takeover offer
• ASX faces ASIC probe for “serious failures”
• Chalmers gives warning on global economy

Abu Dhabi National Oil Co.’s move on Santos is the oil producer’s latest effort to transform its business from one that relies on black gold, to one that cares as much about LNG ships as oil tankers, Bloomberg Opinion’s David Fickling writes. With its core produce under threat from declining demand and a war-torn neighborhood, the oil company has been shopping for gas assets in recent years. Adnoc lobbed a $18.7 billion takeover offer to Santos on Monday that was recommended by directors.