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IPIC acquires 70% stake in MAN Ferrostaal

ABU DHABI - The International Petroleum Investment Company (IPIC) has agreed to acquire 70% stake in MAN Ferrostaal from its parent, the Munich-based Man AG Group, it was announced today by IPIC, which is wholly owned by the Government of Abu Dhabi.

This strategic investment provides IPIC the capability to access MAN Ferrostaal’s leading edge capabilities in the fields of Petrochemicals, Solar Power and Project Construction ‘&’ Management; all of which are vital to Abu Dhabi’s continued economic development. At the same time, this transaction provides MAN Ferrostaal, a provider of industrial services with 4,200 employees and an annual turnover of euro 1.4 billion euro (2007), with growth opportunities in previously untapped markets, both in Abu Dhabi and in the wider MENA region.

”IPIC is excited by the potential of this acquisition; we are matching top class engineering, construction and project management skills and know how with a bandwidth of opportunity that is not easy to obtain elsewhere,” Khadem Al-Qubaisi, IPIC Managing Director said.

”We see in particular enormous potential synergies with Chemaweyaat, in which IPIC is a 40% shareholder,” he added.

Formal closing of the transaction is subject to the usual EU competition law approvals, but it is anticipated in the first quarter 2009.