The International Petroleum Investment Company (IPIC), one of Abu Dhabi's sovereign wealth funds, called on Germany's MAN SE to help ensure their jointly-held Ferrostaal unit can fund itself.
IPIC said on Tuesday that Ferrostaal needs temporary loan guarantees worth 126 million euros to continue running its business, and asked the German industrial group to provide to Ferrostaal's creditors 30 percent of the sum -- a proportion that is equivalent to its stake.
IPIC, which owns the remaining 70 percent of the plant construction and engineering service provider, said MAN did not agree to its request, a statement the German company promptly denied.
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