Emirates News Agency reported that the International Petroleum Investment Company is the new majority owner of MAN Ferrostaal. The corresponding purchase agreement between MAN AG and IPIC has taken effect following approval by the international antitrust authorities of the deal.

As per report, IPIC has acquired 70% of the shares; MAN remains a shareholder maintaining 30%. The price for 100% of the shares will amount to approximately EUR 700 million, depending on the outcome of a mutual option that MAN and IPIC have agreed on for the sale and purchase of the remaining shares.

Mr H kan Samuelsson CEO of of MAN AG said that "With this step, MAN is now concentrating on the manufacturing industries in the field of transport related engineering. This focus improves the conditions for sustainable growth in all our business areas."

Mr Khadem Abdulla Al Qubaisi MD of IPIC said that "We intend to award contracts for large industrial projects to MAN Ferrostaal and want to realize potential for growth at home and abroad. At the same time, we intend to open up market potential in the area of future technologies and deeper market access in the countries MAN Ferrostaal is active in."

Dr Matthias Mitscherlich CEO of MAN Ferrostaal AG said that "At IPIC, MAN Ferrostaal belongs to the core business. This is the best condition to grow. For our large industrial business, IPIC's high equity is a real asset because our markets and our partners see this as an important element of stability."

(Sourced from Emirates News Agency)