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    Australia’s biggest takeover deals that fell apart

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    Australia’s biggest takeover deals that fell apart

    The third failed bid for Santos in seven years underscores the hurdles to getting big transactions across the line in Australia, where disagreements over valuation, shareholder approval thresholds and regulatory risks have repeatedly derailed mega-deals.
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    Here is a list of some of the biggest failed mergers and acquisitions involving Australian companies over the past three years.
    ADNOC-SANTOS
    A consortium led by Abu Dhabi’s ADNOC scrapped its $18.7 billion bid for Australia’s Santos, saying commercial terms could not be agreed.
    XRG, ADNOC’s overseas unit, pulled the offer saying “a combination of factors, when considered collectively, have impacted the Consortium’s assessment of its indicative offer.”
    Santos said the consortium refused to agree to a fair sharing of risk, including taking responsibility for securing regulatory approvals and committing to domestic gas development and supply.
    The XRG-led consortium in June proposed to offer $5.76 a share, which was A$8.89 at the time. Santos last traded at A$6.74.
    BHP-ANGLO AMERICAN
    The structure of BHP’s deal, which required Anglo to unbundle its South African platinum and iron ore businesses, was a major reason for its collapse.
    BHP’s offer valued Anglo at 29.34 pounds per share. Anglo American last traded at 25.18 pounds.
    WOODSIDE-SANTOS
    According to sources, the talks fell through because the two companies could not agree on a valuation level.
    BROOKFIELD-ORIGIN ENERGY
    Brookfield offered A$9.53 a share. Origin last traded at A$12.41.
    ALBEMARLE-LIONTOWN RESOURCES
    Albemarle proposed to offer A$3 a share. Liontown last traded at 91 Australian cents a share.
    KKR-RAMSAY HEALTH CARE
    Ramsay said the KKR group had cited the company’s weak business performance while deciding not to sweeten its offer.
    Sources told Reuters that KKR had not been able to gain access to the accounts of Ramsay’s European unit, Ramsay Sante, to carry out due diligence.
    KKR offered A$88 a share. Ramsay last traded at A$32.95.
    Reporting by Himanshi Akhand in Bengaluru; Editing by Sonali Paul

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