Man to Buy Back Ferrostaal and Sell It to MPC, Handelsblatt Says

MAN SE will buy back its Ferrostaal unit from International Petroleum Investment Co. and sell it on to MPC Capital AG for 160 million euros ($213 million), Handelsblatt reported, citing MPC head Axel Schroeder.

The deal is aimed at aiding a truck alliance between Volkswagen AG, MAN and Scania AB by removing uncertainties linked to stock corporation laws, the newspaper said. Final signatures are today, Handelsblatt said, citing unidentified people close to the sellers.

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