Abu Dhabi’s state-owned Mubadala Investment Company has halted plans to list 25% of Spanish oil company Cepsa after investors were not convinced by its valuation, Bloomberg reported.

“Recent international economic developments have created uncertainty in international capital markets,” Cepsa said. The final price for the IPO was slated to be decided on October 16.

The listing was expected to be the largest by a European oil company in over a decade, However, the sale coincided with a market rout, bringing European stocks to their lowest since 2016.

The IPO would have valued Cepsa at around $8.1 billion rather than the expected $11.6 billion. Mubadala’s preference was to shelve the IPO rather than accept a lower valuation.

“As a long-term investor, we will consider returning to the market when we believe conditions are favorable,” Mubadala CEO, Musabbeh Al Kaabi, said in an emailed statement.

The Emirati fund owns 82.5% of the Spanish oil company.