EU Allows Abu Dhabi MAR to Buy German Ship Businesses

2 September 2010 (Last Updated September 2nd, 2010 18:30)

The European Commission has cleared Abu Dhabi MAR to buy the civil shipping business of German industrial firm ThyssenKrupp. Under the agreement, ThyssenKrupp will sell Hamburg-based shipyard Blohm + Voss and the shipbuilding activities of Kiel-based HDW Gaarden. Abu Dhabi MAR wil

The European Commission has cleared Abu Dhabi MAR to buy the civil shipping business of German industrial firm ThyssenKrupp.

Under the agreement, ThyssenKrupp will sell Hamburg-based shipyard Blohm + Voss and the shipbuilding activities of Kiel-based HDW Gaarden.

Abu Dhabi MAR will also buy an 80% stake in the maintenance and servicing units of Blohm + Voss Repair and Blohm + Voss Industries.

The companies have also signed a deal to form a joint venture that will design and build naval surface ships such as frigates, corvettes and offshore patrol vessels.