International Petroleum Investment, MAN reach agreement on Ferrostaal

The two shareholders have agreed that IPIC will retransfer to MAN, and MAN will repurchase from IPIC, all of IPIC's shares in Ferrostaal. MAN is to pay €350m under the settlement. IPIC acquired 70% of the shares in Ferrostaal at the start of 2009.

With this settlement, IPIC and MAN have resolved all claims between them and have set the foundation for a positive relationship in the future. The settlement is subject to clearance by relevant antitrust authorities.

Commenting on the arrangement, IPIC's Managing Director, Khadem Al Qubaisi, said, "This settlement is the outcome of very good cooperation between both shareholders, and enables IPIC and MAN to finally put their differences aside."

CFO of MAN, Frank Lutz, commented, "We are pleased to have been able to end the talks with IPIC on a conciliatory note with an outcome that is acceptable to everyone. We have set the course for Ferrostaal to make a successful new start."