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Sat 10 Jan 2009 11:40 AM

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Abu Dhabi buys 70% stake in German industrial giant

Emirate's investment firm pays cash for MAN Ferrostaal stake, may acquire remaining 30%.

Abu Dhabi's state-run International Petroleum Investment Co (IPIC) is paying cash for its 70 percent stake purchase in MAN Ferrostaal AG, Ferrostaal's chairman said on Saturday.

"It is an all-cash deal," Matthias Mitscherlich said, adding that IPIC may acquire the remaining 30 percent by 2010.

German-based MAN Ferrostaal is a global provider of industrial services with an annual turnover of about $1.9 billion, employing about 4,200 staff.

It is a general contractor in international plant construction in the areas of petrochemicals, oil and gas, energy and fuel.  

The company currently has subsidiaries in 60 countries and key markets include South America, Europe, South-east Asia and the Middle East.

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