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Abu Dhabi Nationwide Oil Firm’s potential acquisition of Gunvor, the power buying and selling home, has reached an deadlock as a consequence of disagreement between the 2 sides over the scale of the deal, in keeping with individuals accustomed to 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 individuals concerned within the discussions mentioned.

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 strategy to elevate funds to drive development.

Gunvor and Adnoc each declined to remark.