Deals
MAN Settles IPIC Ferrostaal Dispute for 350 Million Euros
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MAN SE, the truckmaker controlled by Volkswagen AG, ended a dispute with International Petroleum Investment Co. by buying back former unit Ferrostaal, smoothing VW’s moves to create Europe’s biggest commercial-vehicle tie-up.
MAN will pay Abu Dhabi’s IPIC 350 million euros ($465 million) to buy back a 70 percent stake in Ferrostaal and resolve all claims, the Munich-based company said today in a statement. MAN will then sell all of Ferrostaal to Muenchmeyer Petersen & Co. GmbH for as much as 160 million euros.