Abu Dhabi Buys 70% of a global industrial services company

IPIC, the Abu Dhabi state enterprise responsible for investments in the hydrocarbons and related sectors, and MAN Ferrostaal, a global provider of industrial services in plant construction and engineering, have finalized their deal following approval by the international antitrust authorities of the deal.

IPIC has acquired 70% of the shares for $490 million; MAN remains a shareholder maintaining 30%. The price for 100% of the shares will amount to approximately $921 million. (MAN Ferrostaal is employing around 4,400 people in 60 different countries. In 2008, its annual turnover amounted to $2.1 billion)

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