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Abu Dhabi’s IPIC acquires 70 per cent stake in MAN Ferrostaal

25 March 2009 – The International Petroleum Investment Company (IPIC) of Abu Dhabi is the new majority owner of solar power manufacturer MAN Ferrostaal.

The corresponding purchase agreement between MAN AG and IPIC has taken effect following approval by the international antitrust authorities of the deal.

IPIC has acquired 70 per cent of the shares; MAN remains a shareholder maintaining 30 per cent. The price for 100 per cent of the shares will amount to approximately EUR700m ($946m), depending on the outcome of a mutual option that MAN and IPIC have agreed on for the sale and purchase of the remaining shares.

The transaction includes all business activities and subsidiaries. The Chief Executive Officer of MAN AG, Håkan Samuelsson, explained the rationale behind the sale: “With this step, MAN is now concentrating on the manufacturing industries in the field of transport related engineering. This focus improves the conditions for sustainable growth in all our business areas.”

His Excellency Khadem Abdulla Al Qubaisi, Managing Director of IPIC, focused on the growth potential to be leveraged with MAN Ferrostaal: “We intend to award contracts for large industrial projects to MAN Ferrostaal and want to realize potential for growth at home and abroad.

“At the same time, we intend to open up market potential in the area of future technologies and deeper market access in the countries MAN Ferrostaal is active in.”

Dr. Matthias Mitscherlich, CEO of MAN Ferrostaal AG, also saw the takeover as a chance for growth: “At IPIC, MAN Ferrostaal belongs to the core business. This is the best condition to grow. For our large industrial business, IPIC’s high equity is a real asset, because our markets and our partners see this as an important element of stability.”