ADNOC has confirmed that discussions surrounding its proposed acquisition of XR have ended without agreement. Despite extensive negotiations, the parties were unable to reach mutually acceptable terms, and both companies have agreed to discontinue the process.

ADNOC reiterated its commitment to pursuing opportunities that align with its strategic growth objectives and deliver long-term value for its stakeholders. While the potential acquisition was intended to strengthen ADNOC’s position in emerging markets and broaden its technological capabilities, the company emphasized that its growth strategy remains intact and will continue to focus on transformative investments, innovation, and strategic partnerships.

In a statement, ADNOC acknowledged the constructive engagement with XR’s leadership throughout the process and expressed appreciation for the professionalism and openness during negotiations. Both companies confirmed that their decision to end talks was amicable and reflects a recognition of current market conditions and differing priorities.

ADNOC today confirmed that discussions surrounding its proposed acquisition of XR have ended without agreement. Despite extensive negotiations, the parties were unable to reach mutually acceptable terms, and both companies have agreed to discontinue the process.

ADNOC reiterated its commitment to pursuing opportunities that align with its strategic growth objectives and deliver long-term value for its stakeholders. While the potential acquisition was intended to strengthen ADNOC’s position in emerging markets and broaden its technological capabilities, the company emphasized that its growth strategy remains intact and will continue to focus on transformative investments, innovation, and strategic partnerships.

In a statement, ADNOC acknowledged the constructive engagement with XR’s leadership throughout the process and expressed appreciation for the professionalism and openness during negotiations. Both companies confirmed that their decision to end talks was amicable and reflects a recognition of current market conditions and differing priorities.

KeyFacts Energy: ADNOC UAE country profile