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Abu Dhabi Nationwide Oil Firm’s potential acquisition of Gunvor, the vitality buying and selling home, has reached an deadlock resulting from disagreement between the 2 sides over the dimensions of the deal, based on 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 advised Adnoc that he’s solely keen to promote a minority stake as a solution to increase funds to drive progress.
Gunvor and Adnoc each declined to remark.