A dispute between the Man Group and Abu Dhabi's International Petroleum Investment Company (Ipic) is complicating the German truck maker's bid to merge with Scania, its Swedish competitor, it has emerged.
Ipic bought 70 per cent of Ferrostaal, Man's former industrial services subsidiary, for €450 million (Dh2.34 billion) in 2008.
But Ipic has so far refused to buy the remaining 30 per cent because of a continuing bribery investigation at Ferrostaal that began in 2009.
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