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IPIC Sells its Majority Stake in Ferrostaal Following Dispute

5:25 AM MST | November 29, 2011 | Natasha Alperowicz

International Petroleum Investment Co. (IPIC; Abu Dhabi) has sold its 70% stake in German engineering group Ferrostaal (Essen) to MAN SE (Munich), a subsidiary of Volkswagen (VW), for €350 million ($465 million). MAN will sell Ferrostaal to trading firm Muenchmeyer Petersen & Co. (MPC; Hamburg) for €160 million. The move settles a dispute between the parties. Ferrostaal, whose main business is the development of industrial and petrochemical projects, has been under investigation by German authorities since 2009 over allegations that it paid...

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