Santos chief executive Kevin Gallagher has hit back at suggestions he will step down following the eleventh-hour collapse of a $29 billion takeover bid from an Abu Dhabi-led consortium while defending the company’s handling of the deal.

Mr Gallagher on Friday denied the oil and gas giant has “failed” after the suitors, which included the Abu Dhabi National Oil Company’s XRG and wealth fund and private equity group Carlyle, walked away from the deal on Wednesday after three months of due diligence.

Santos had been pressuring the consortium to finalise a binding bid by Friday’s extended deadline after endorsing a cash offer of $US5.76 ($8.89) a share in mid-June. It was reduced to $US5.626 by the company’s last dividend.

The announcement shocked the market and sent Santos shares plunging

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