The Middle Eastern oil giant vying to take over Australian fossil fuel producer Santos has walked away from the proposed $30 billion deal, which would have been the biggest cash takeover in the country’s history.

Abu Dhabi National Oil Company’s foreign investment arm, XRG, and its bidding partners on Thursday night said they had withdrawn their blockbuster bid to acquire Santos , the second-largest Australian oil and gas company, ending months of negotiations.

In a surprise statement just two days before the deadline for a binding deal, the consortium said it had encountered issues that had altered its original assessment of Santos’s value.

“The XRG-led consortium announced today that it has withdrawn its indicative offer and will not proceed with a binding offer for Santos,” the com

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