Abu Dhabi National Oil Company (ADNOC) has recently weighed buying BP, but talks didn’t go far and ultimately the state firm of the United Arab Emirates decided not to pursue a takeover of the UK supermajor, sources with knowledge of the discussions have told Reuters. ADNOC has recently held preliminary talks with BP and has contacted investment banks for advice on a potential takeover, according to two of Reuters’ sources.
The reported approach by ADNOC comes as the U.S. oil and gas industry is undergoing a major…ADNOC Considered Buying Oil Giant BP
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