UAE's Adnoc Considers Bid for Oil Trader Gunvor [Business News Network (BNN) (Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Business News Network
Abu Dhabi National Oil Co. is considering a deal to buy all or part of commodity trading house Gunvor Group, according to people with knowledge of the matter, in what would be one of the industry's biggest deals in years. The United Arab Emirates's biggest oil producer has held early-stage talks about a deal that would combine Gunvor with the Middle Eastern company's own trading arm, according to the people, who asked not to be identified discussing private information. Any deal could still take months to put together and the two companies may ultimately decide not to pursue any transaction, the people said. Spokespeople for Adnoc and Gunvor both declined to comment. Gunvor, which is controlled by Chief Executive Officer Torbjorn Tornqvist, is one of a handful of mostly privately-held companies that dominate the trade in physical commodities, making them crucial players in a world struggling with runaway inflation. It is one of the biggest traders of crude oil and oil product
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