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FINANCIAL NEWS
MAN, UAE’s IPIC to sell Ferrostaal to Germany’s MPC
28 Nov 2011
(MENAFN) Germany’s MAN said that the company along with Abu Dhabi’s International Petroleum Investment Company (IPIC) consented to sell Ferrostaal, the two firms’ jointly held unit, to MPC, a German investor, reported Arabian Business.
The firm added that it would buy back the Ferrostaal shares from IPIC with USD464.4 million, after which, MPC would acquire the unit from MAN for USD211.8 million.
It also said that the acquisition would be performed via MPC Industries, in which an investor from the Gulf had a minority stake.
It is worth noting that back in 2009, MAN sold 70 percent of Ferrostaal to IPIC, however, when MAN tried to sell the other 30 percent to the company via a put option in early 2010, IPIC rejected a deal as a result of a bribery investigation and later asked to cancel the original purchase deal.
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