Aramco, Adnoc Said to Consider Bids for Gas Producer Santos (3)

Saudi Aramco and Abu Dhabi National Oil Co. have been separately studying potential bids for Santos Ltd., becoming the latest companies to show an interest in the Australian producer’s liquefied natural gas assets.

The stock rose as much as 6.5% in Sydney to its highest in more than two years, valuing Santos at A$26.6 billion ($17.9 billion). The company’s languishing share price has led to several failed takeover attempts in recent years and spurred calls for it to break up its businesses.

State-owned Aramco and Adnoc have been conducting preliminary evaluations of Santos as a possible acquisition target, ...