A consortium has walked away from an indicative bid proposed for Australian gas producer Santos. Photo: Joel Carrett/AAP PHOTOS

A major Australian gas producer rejects any suggestion the withdrawal of a suitor signals valuation issues, saying the bidder was positive about the group.

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Abu Dhabi National Oil Company late on Wednesday pulled back its indicative proposed $US18.7 billion ($A28 billion) cash takeover for Santos at $US5.262 per share.

The decision by the bidder's foreign investment arm XRG, alongside Abu Dhabi sovereign fund ADQ and private equity firm Carlyle, not to proc

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