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FINANCIAL NEWS
Thyssen Krupp cancels two deals with Abu Dhabi MAR
04 Jul 2011
(MENAFN) Thyssen Krupp, a German steelmaker that builds submarines, yachts, engineering plants and elevators, canceled two deals with Abu Dhabi MAR (ADM), a shipbuilding group owned by Al Ain International Group and Privinvest, Gulf News reported.
Thyssen Krupp scrapped a planned joint venture with ADM to sell naval ships to the Middle East and North Africa. Under the other canceled deal, ADM would have bought the German steelmaker’s Blohm and Voss civilian shipbuilding properties. The political changes in the Middle East reduced the profit potential of the deals, Olaf Berlien, Thyssen Krupp management board member, said.
ThyssenKrupp said that a 2009 deal under which ADM would buy civilian shipbuilding assets from HDW Gaarden, located in Kiel in Northern Germany, still stood. Under the deal, ADM would purchase three, Hamburg-based units of Blohm and Voss Shipyards and Services (BVSS) that construct yachts, ship machinery, and repair.
ThyssenKrupp shares dropped 1.9 percent yesterday on the German blue-chip index.
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