The corresponding purchase agreement between MAN AG and IPIC has taken effect following approval by the international antitrust authorities of the deal.
IPIC has acquired 70% of the shares; MAN remains a shareholder maintaining 30%. The price for 100% of the shares amounts to approximately €700m, depending on the outcome of a mutual option that MAN and IPIC have agreed on for the sale and purchase of the remaining shares.
The transaction includes all business activities and subsidiaries. The Chief Executive Officer of MAN AG, Hakan Samuelsson, explained the rationale behind the sale, "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."
His Excellency Khadem Abdulla Al Qubaisi, Managing Director of IPIC, focused on the growth potential to be leveraged with MAN Ferrostaal, "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, also saw the takeover as a chance for growth, "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."
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IPIC's purchase of MAN Ferrostaal effective
- Middle East: Thursday, March 26 - 2009 at 12:06
- PRESS RELEASE
The International Petroleum Investment Company (IPIC) is the new majority owner of MAN Ferrostaal.
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About IPICIPIC was founded in 1984 with first investments following in 1988. To date, IPIC has invested in eleven strategic partnerships and has retained all of these partnerships with a capital investment value of well over $14bn. The companies belonging to its portfolio are: OMV (17.6%), Cosmo Oil Co Ltd (20%), Borealis (65%), AMI Agrolinz Melamine International (50%), Oman Polypropylene LLC (20%), Hyundai Oilbank (70%), Compania Espanola De Petroleos/CEPSA (9,5%), Pak-Arab Refinery/Parco (30%), Arab Petroleum Pipelines/Sumed Company (15%), Energias de Portugal (2%) and Gulf Energy Maritime/GEM (30%), MAN Ferrostaal (70%) and Oil Search Limited (17,6%).
About MAN AG
The MAN Group is one of Europe's leading industrial players in Transport-Related Engineering, with revenue of approximately €15bn in 2008. As a supplier of trucks, buses, diesel engines, turbo machinery, and special gear systems, MAN employs approximately 51,300 people worldwide. Its business areas hold leading positions in their respective markets. MAN AG, Munich, is listed in the DAX (German Stock Index), which comprises Germany's thirty leading stock corporations.
About MAN Ferrostaal AG:
MAN Ferrostaal is a global provider of industrial services in plant construction and engineering. As a general contractor in plant construction, the company offers project development, project management and financial planning for turnkey installations, including petrochemical plants, gas and solar power stations, oil and gas installations, biofuels and industrial plants. MAN Ferrostaal operates as an independent sales and service partner in the automotive, printing and packaging machinery, piping and marine construction sectors, employing around 4,200 people in 60 different countries.
In 2008, its annual turnover amounted to €1.6bn. The majority of the shares of MAN Ferrostaal is held by the International Petroleum Investment Company from Abu Dhabi (IPIC - 70%). MAN AG, Germany, is a minority shareholder (30%).
For more information, please contact:
Asma Al Romaithi
Public Relations Officer
International Petroleum Investment Company - IPIC
Dir +971 2 417 6658
Tel: +9712 6336555
Fax: +971 2 6330 111
PO Box 7528, Abu Dhabi, UAE
Posted by Rana MesbahThursday, March 26 - 2009 at 12:06 UAE local time (GMT+4)
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