Australian gas producer Santos’ shares fell nearly 14% after a bid from Abu Dhabi National Oil Company’s consortium was scrapped. The deal valued Santos at $24.2 billion, the largest ever all-cash corporate buyout in Australia. Analysts are concerned about a third failed takeover bid, but investors remain optimistic about upcoming projects in Australia and Alaska.

XRG, ADNOC’s overseas unit, backed out of the deal due to capital gains tax payments on Santos’ assets in Papua New Guinea. Santos expected XRG to cover the payments, worth hundreds of millions of dollars, which the consortium objected to. The deal’s collapse puts pressure on Santos’ board to find alternative ways to create value.

Despite the share price drop, investors are not entirely unhappy with the bid’s failure. Santos is about to benefit from the Barossa gas project in Australia and Pikka oil project in Alaska. The company’s strong leadership and growth opportunities remain a focus for long-term value creation. Jarden downgraded Santos’ rating and price target post-bid collapse.

Read more at Yahoo Finance: Santos stock slumps as $18.7 billion ADNOC-led deal collapses