Ipic completes acquisition of 70% of MAN Ferrostaal

The International Petroleum Investment Company (Ipic), owned by the Government of Abu Dhabi, has completed the acquisition of 70 per cent stake in Germany's auto maker MAN Ferrostaal.

Ipic has thus become the new majority owner of MAN Ferrostaal.

Ipic has acquired 70 per cent of the shares with 30 per cent retained by MAN shareholders. The price for 100 per cent of the shares will amount to about 700 million euros (Dh3.4 billion), 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.

MAN said in a statement that it had closed the sale of a majority stake in its Ferrostaal services unit to Ipic for €490m.