Mid-eastern petroleum investor buys into steel company

Kuala Lumpur News.Net
Sunday 11th January, 2009

International Petroleum Investment Company, an Abu Dhabi government-owned business, has agreed to buy a controlling 70 per cent stake in MAN Ferrostaal.

The deal with the Munich-based MAN AG Group is worth 490 million euros and will be paid in cash.

IPI will take over the management control of the company when the closing date occurs around the end of March.

When the new board of the company is formed, there will be four members from Ipic and two from the MAN AG Group.

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