Abu Dhabi's ADNOC-led consortium has withdrawn its $36.4 billion bid to acquire Australian energy company Santos after months of negotiations. The deal would have been Australia's largest all-cash buyout, but was halted due to Santos's inflexibility on valuation, regulatory approvals, and risk-sharing concerns. The consortium, which included Abu Dhabi sovereign fund ADQ and Carlyle, cited commercial reasons, including Santos's resistance on key terms, as reasons for the collapse. This marks the third failed attempt by Abu Dhabi to buy Santos, which has been a strategic target amid rising global demand for natural gas and LNG exports to Asia. The withdrawal highlights ongoing challenges foreign investors face in Australian energy assets, especially amid environmental and valuation disputes. Meanwhile, Abu Dhabi's domestic energy expansion plans may slow as the company shifts focus to investments within its home country. The collapse of these deals reflects a broader trend of stalled mergers and acquisitions in the energy sector, with other major transactions also falling through recently.