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Abu Dhabi’s Commodore Contracting buys stake in Ferrostaal owner
Abu Dhabi construction company Commodore Contracting is taking a 25 percent stake in Ferrostaal's new owner, MPC Industries, Handelsblatt daily reported on Monday, citing MPC.
December 5, 2011 11:18 by Reuters
Handelsblatt also said MPC chief executive Axel Schroeder told a meeting with employees last week about Commodore’s shareholding in the Hamburg-based trading house.
No financial detail was provided.
MPC acquired Ferrostaal, a provider of industrial services in plant construction, from MAN SE last month after the German truckmaker ended a dispute with Abu Dhabi’s International Petroleum Investment Company.
Under the deal, IPIC had sold back its 70 percent to MAN, which then sold the unit in its entirety to MPC. (Reporting By Marilyn Gerlach; Editing by Dan Lalor)