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Abu Dhabi Nationwide Oil Firm’s potential acquisition of Gunvor, the power buying and selling home, has reached an deadlock on account of disagreement between the 2 sides over the dimensions of the deal, in keeping with individuals accustomed to the negotiations.
Whereas Adnoc had hoped to amass all of Gunvor, or a majority stake, the commodity dealer’s chief government Torbjörn Törnqvist is unwilling to surrender management of the group he co-founded in 2000, two individuals concerned within the discussions mentioned.
As a substitute, Törnqvist, who controls virtually 90 per cent of Gunvor, has advised Adnoc that he’s solely keen to promote a minority stake as a option to elevate funds to drive progress.
Gunvor and Adnoc each declined to remark.