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Abu Dhabi Nationwide Oil Firm’s potential acquisition of Gunvor, the vitality buying and selling home, has reached an deadlock on account of disagreement between the 2 sides over the dimensions of the deal, in response to folks conversant in the negotiations.
Whereas Adnoc had hoped to amass all of Gunvor, or a majority stake, the commodity dealer’s chief govt Torbjörn Törnqvist is unwilling to surrender management of the group he co-founded in 2000, two folks concerned within the discussions stated.
As an alternative, Törnqvist, who controls virtually 90 per cent of Gunvor, has informed Adnoc that he’s solely prepared to promote a minority stake as a technique to elevate funds to drive development.
Gunvor and Adnoc each declined to remark.
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