An Abu Dhabi company has acquired a stake in the owner of Ferrostaal, a German engineering company, after one of the emirate's wealth funds divested from the company in controversial circumstances.
International Petroleum Investment Company (Ipic), which is owned by the Abu Dhabi Government, sold its stake in Ferrostaal after the German company agreed to pay fines for alleged bribery that took place before Ipic's involvement.
Commodore Contracting, a privately owned construction company, has agreed to acquire a 25 per cent stake in Ferrostaal's new owner, MPC Industries, which took control of the engineering group on November 28.
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