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Abu Dhabi Nationwide Oil Firm’s potential acquisition of Gunvor, the power buying and selling home, has reached an deadlock because of disagreements over the deal’s dimension, individuals accustomed to the negotiations stated.
Whereas Adnoc had hoped to amass all of Gunvor, or a majority stake, the commodity dealer’s chief government Torbjörn Törnqvist is unwilling to yield management of the group he co-founded in 2000, individuals concerned within the discussions stated.
Törnqvist, who controls nearly 90 per cent of Gunvor, has instructed Adnoc he’s prepared to promote solely a minority stake to lift funds to drive development.
Gunvor and Adnoc declined remark.