Friday was meant to be a historic day – the signing of the country’s largest-ever cash takeover. Instead, the minutes-to-midnight withdrawal of the giant Emirati buyer for oil and gas producer Santos will join the history books as an unnatural disaster.

The finale to this saga has left a trail of unhappy campers, a bitter aftertaste for all involved, and plenty of questions to be answered.

The $30 billion Santos takeover has been scrapped at the last minute.Credit: Fairfax Media

Now we have entered the blame game period.

First there is the bidder, a consortium led by the Abu Dhabi National Oil Company, which despite putting on a happy front is privately seething about the conduct of Santos and its takeover path, which it found littered with hidden improvised explosive devices.

ADNOC had already cleared the No.1 hurdle of offering a generous price for Santos shares.

Then there is the Santos board, which will now be under enormous pressure, having been wooed by three suitors over recent years but unable to consummate a deal.

The finale to this saga has left a trail of unhappy campers, a bitter aftertaste for all involved, and plenty of questions to be answered.

That said,........

© The Sydney Morning Herald