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Abu Dhabi Nationwide Oil Firm’s potential acquisition of Gunvor, the power buying and selling home, has reached an deadlock attributable to disagreements over the deal’s dimension, individuals acquainted with the negotiations mentioned.
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 mentioned.
Törnqvist, who controls virtually 90 per cent of Gunvor, has informed Adnoc he’s prepared to promote solely a minority stake to lift funds to drive progress.
Gunvor and Adnoc declined remark.