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IPIC takes 70% of unit
By Ayesha Daya |
January 12, 2009, Monday
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Print Edition
Print Edition
INTERNATIONAL Petroleum Investment Co will pay 490 million euros (US$660 million) for the 70 percent stake it's agreed to buy in MAN AG's Ferrostaal industrial-services unit, the Munich-based vehicle maker said.
IPIC, may acquire the remaining 30 percent by 2010 at the latest, MAN Ferrostaal Chairman Matthias Mitscherlich said on Saturday in Abu Dhabi. IPIC will get four of the nine board seats after the purchase, which it plans to complete in the first quarter of this year.
MAN, Europe's third-largest truck maker, agreed to sell the Ferrostaal stake to IPIC in October in order to concentrate on trucks.
The Abu Dhabi-based oil firm raised its energy portfolio last year by acquiring stakes in Portugal's biggest electricity company, EDP-Energias de Portugal SA, and setting up multibillion-dollar energy investment funds with Qatar and Kazakhstan. Ferrostaal, which designs oil and petrochemical plants and accounted for about 9 percent of MAN's 15.5 billion euros in sales in 2007, has been part of the engineering group for nearly 90 years.
Ferrostaal aims to triple revenue to 4 billion euros by 2014, from 1.7 billion euros in 2008, Mitscherlich said.
IPIC will use MAN Ferrostaal's services in its Caspian projects, where it plans to invest up to US$2 billion on activities from exploration and production to petrochemicals, IPIC Managing Director Khadem al-Qubaisi said. The company aims to build urea plants in Kazakhstan and Uzbekistan, a power plant in Libya and a refinery in Morocco, in which MAN can participate, Bloomberg News said.
They will set up a Abu Dhabi joint venture, IPIC-MAN Ferrostaal, to develop new business in the Middle East and North Africa.
IPIC, may acquire the remaining 30 percent by 2010 at the latest, MAN Ferrostaal Chairman Matthias Mitscherlich said on Saturday in Abu Dhabi. IPIC will get four of the nine board seats after the purchase, which it plans to complete in the first quarter of this year.
MAN, Europe's third-largest truck maker, agreed to sell the Ferrostaal stake to IPIC in October in order to concentrate on trucks.
The Abu Dhabi-based oil firm raised its energy portfolio last year by acquiring stakes in Portugal's biggest electricity company, EDP-Energias de Portugal SA, and setting up multibillion-dollar energy investment funds with Qatar and Kazakhstan. Ferrostaal, which designs oil and petrochemical plants and accounted for about 9 percent of MAN's 15.5 billion euros in sales in 2007, has been part of the engineering group for nearly 90 years.
Ferrostaal aims to triple revenue to 4 billion euros by 2014, from 1.7 billion euros in 2008, Mitscherlich said.
IPIC will use MAN Ferrostaal's services in its Caspian projects, where it plans to invest up to US$2 billion on activities from exploration and production to petrochemicals, IPIC Managing Director Khadem al-Qubaisi said. The company aims to build urea plants in Kazakhstan and Uzbekistan, a power plant in Libya and a refinery in Morocco, in which MAN can participate, Bloomberg News said.
They will set up a Abu Dhabi joint venture, IPIC-MAN Ferrostaal, to develop new business in the Middle East and North Africa.
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