ADQ teams up with Adnoc on Wataniya bid
Abu Dhabi’s sovereign wealth fund ADQ is joining forces with Abu Dhabi National Oil Company (Adnoc) in its takeover bid for military owned Wataniya Petroleum, with the aim of making a stronger offer for the company, the local press reports, citing unnamed sources. Adnoc was reportedly in the process of appointing advisors last month, and is competing with other GCC players, including state-owned Emirates National Oil Company (ENOC), Saudi Arabia's Aldrees Petroleum and Transport Services Co, and Qalaa Holdings’ Taqa Arabia.
A sale is expected to go ahead in the second half of 2021 after the Sovereign Fund of Egypt (SFE) — which is managing the sale — last month changed its plans for a 1H2021 transaction.
Background: Wataniya is one of two companies that are kickstarting a privatization program of companies owned by the military’s National Service Products Organization. The SFE had previously said it plans to retain a 10-20% stake in the companies up for sales, with the rest to be sold off to the private sector.