Abu Dhabi National Oil Company’s potential acquisition of Gunvor, the energy trading house, has reached an impasse because of a disagreement between the two sides over the size of the deal, said people familiar with the negotiations.
While Adnoc had hoped to acquire all of Gunvor, or a majority stake, the trader’s chief executive Torbjörn Törnqvist is not willing to give up control of the group he co-founded in 2000, two people involved in the discussions said.
Instead Törnqvist, who controls almost 90 per cent of Gunvor, has told Adnoc he is only willing to sell a minority stake as a way to raise funds to drive growth.
Such a deal is of less interest to state-owned Adnoc, which was seeking control of the company as a way to significantly boost its trading ambitions, one of the people said.
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