28 November 2011 16:56 [Source: ICIS news]
LONDON (ICIS)--Abu Dhabi’s IPIC will sell back its 70% stake in chemical engineering firm Ferrostaal for €350m ($467m) to Germany-based industrial firm MAN as the two groups agreed to settle a long-running dispute, they said on Monday.
However, IPIC subsequently sought to back out of the deal because of a corruption scandal at Ferrostaal that saw two of the company’s managers charged with alleged bribery. The matter pre-dated IPIC’s acquisition of the stake.
“This settlement is the outcome of very good cooperation between both shareholders, and enables IPIC and MAN to finally put their differences aside,” said IPIC managing director Khadem Al Qubaisi.
MAN's settlement with IPIC and the planned transfert of Ferrostaal to MPC are both subject to regulatory approvals.
Essen-based Ferrostaal builds chemical, fertilizer and other industrial plants.
($1 = €0.75)
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