MAN offers to make significant concessions on Ferrostaal stake sale.
German truck manufacturer MAN (ETR:MAN) on Monday said it is ready to make substantial allowances to Abu Dhabi's fund International Petroleum Investment Company (IPIC) to compel it to buy its 30% in plant builder Ferrostaal.
MAN offered in January 2010 to sell its remaining stake to IPIC, controlling the other 70% in Ferrostaal, via a put option stipulated in their shareholders contract. The wealth fund, has refused, however, to go through with the deal, as Ferrostaal is under investigation on bribery allegations, MAN said.
No further details were provided.Country: Germany, Sector: Machinery/Engineering, Construction/Real EstateTarget: Ferrostaal Buyer: International Petroleum Investment Company (IPIC) Vendor: MAN SEType: DivestmentStatus: TalksComment: Put option contractually agreed., MAN willing to make big concessions.