Australia’s energy sector has seen plenty of megadeals. But none like this.

Abu Dhabi National Oil Company (ADNOC) and partners had tabled a $36.4bn all-cash offer for Santos, pitched at $8.89 a share and a 28% premium.

Had it landed, it would have been the largest cash buyout in Australian corporate history — with Allens, Linklaters and Herbert Smith Freehills steering the legal work on each side.

But after months of delays and two exclusivity extensions, the bid collapsed.

What looked like a landmark deal has now joined the long list of aborted Australian mega-transactions.

Here’s how the deal unfolded.