Arabian oil company buys majority stake in MAN Ferrostaal
The corresponding share purchase contract between IPIC and MAN AG took effect at the end of March, following the approval of the international competition authorities.
IPIC has taken over 70 % of the shares in MAN Ferrostaal; MAN AG is keeping an interest of 30 %. The transaction encompasses all the business units and subsidiary companies of MAN Ferrostaal. Since the Arabian Peninsula is regarded as an excellent location for solar thermal power plants, MAN spokesman Daniel Reinhardt considers positive effects on the solar business to be likely. There is already a joint venture with IPIC, about which Håkan Samuelsson, the Chairman of the Executive Board of MAN AG, said: “This company will offer all the activities in our project business areas: the petrochemical industry, energy, oil and gas and renewable energies – particularly solar energy.”
IPIC has taken over 70 % of the shares in MAN Ferrostaal; MAN AG is keeping an interest of 30 %. The transaction encompasses all the business units and subsidiary companies of MAN Ferrostaal. Since the Arabian Peninsula is regarded as an excellent location for solar thermal power plants, MAN spokesman Daniel Reinhardt considers positive effects on the solar business to be likely. There is already a joint venture with IPIC, about which Håkan Samuelsson, the Chairman of the Executive Board of MAN AG, said: “This company will offer all the activities in our project business areas: the petrochemical industry, energy, oil and gas and renewable energies – particularly solar energy.”
