IPIC buys 70% of chem plant builder Ferrostaal

07 October 2008 20:09  [Source: ICIS news]

TORONTO (ICIS news)--Abu Dhabi’s International Petroleum Investment Company (IPIC) has acquired 70% of Germany-based chemical plant builder MAN Ferrostaal retroactive to 1 January 2008, the companies said on Tuesday.

 

Financial terms were not disclosed.

 

The seller is German truck builder MAN Group, which will retain a 30% stake in Ferrostaal.

 

The transaction comes as IPIC, which is pursuing long-term investments petrochemicals, energy, renewables and related industries, planned to award contracts for large projects to MAN Ferrostaal, they said.

 

IPIC holds stakes in a number of chemical and energy firms, including Borealis, OMV, CEPSA and Oman Polypropylene.

 

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By: Stefan Baumgarten
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