Abu Dhabi's International Petroleum Investment Co (IPIC) has launched a review of its 70 percent owned Ferrostaal to help chart the unit's future and resolve a dispute with Germany's MAN SE , from whom it bought the stake in 2009.
State-owned investment vehicle IPIC said in a brief statement it had appointed investment bank Morgan Stanley to carry out the review, but gave no detail about what it hoped the process would achieve.
IPIC bought the 70 percent stake from MAN in 2009 for $698 million, but by the time MAN tried to exercise a put option to sell the remaining 30 percent to IPIC in early 2010, a bribery investigation had come to light at Ferrostaal.
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