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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 disagreements over the deal’s dimension, folks accustomed to the negotiations stated.
Whereas Adnoc had hoped to accumulate 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, folks concerned within the discussions stated.
Törnqvist, who controls virtually 90 per cent of Gunvor, has informed Adnoc he’s keen to promote solely a minority stake to boost funds to drive development.
Gunvor and Adnoc declined remark.