Abu Dhabi National Oil Co has walked away from its takeover offer for gas producer Santos. Photo: Matt Turner/AAP PHOTOS

Abu Dhabi National Oil Company's international has withdrawn its proposed $US18.7 billion ($A28 billion) takeover offer for Australian gas producer Santos.

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ADNOC's foreign investment arm XRG alongside Abu Dhabi sovereign fund ADQ and private equity firm Carlyle, will not make a binding offer for Santos, XRG said in a statement, capping a months-long takeover saga.

"The XRG-led consortium announced today that it has withdrawn its indicative offer and will not proc

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