ThyssenKrupp, Abu Dhabi MAR deal collapses

05 Jul 2011

(MENAFN) ThyssenKrupp company said that the deal the German steel maker was negotiating with Abu Dhabi MAR to buy its Blohm + Voss civilian shipbuilding assets collapsed, reported The National.

The company added that another planned joint venture deal with the UAE company in order to sell naval surface ships to the MENA region also fell apart, nevertheless, an existing deal for MAR to buy the civilian shipbuilding assets from HDW Gaarden in the northern city of Kiel, was still in place.

It also added that two years ago, the two firms signed a memorandum of understanding (MOU) as the German firm slumped amid the recession, and the purchase was announced in April 2010.

It is worth noting that Abu Dhabi MAR is a shipbuilding group where 70 percent of the company is owned by the Al Ain International Group and 30 percent by Privinvest.

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