Abu Dhabi's International Petroleum Investment Company, or IPIC, said Friday it is prepared to grant interim shareholder guarantees for EUR130 million to the banks financing troubled German industrial services firm Ferrostaal AG.
"Against the background of the critical situation at Ferrostaal, and despite the refusal of MAN SE (MAN.XE) to provide additional financial support to the company, IPIC is prepared to grant interim shareholder guarantees entirely for 50% of the existing guarantee lines, which now total EUR259 million," it said in a statement.
Earlier this month, IPIC suggested providing a joint guarantee worth around EUR126 million with co-shareholder and former owner MAN SE, but the German engineering company and truck maker refused to contribute.
MAN and IPIC are stuck in a legal dispute over a bribery scandal at Ferrostaal. IPIC bought a 70% stake in Ferrostaal in 2009. The continuing bribery investigation relates to the time Ferrostaal was still part of MAN.
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