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January 12th, 2009 
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The International Petroleum Investment Company (IPIC), an Abu Dhabi state-owned business, has recently agreed to buy a controlling 70% shares in MAN Ferrostaal. The agreement with the Munich-based MAN AG Group (founded in 1920) is worth around 490 million euros and will be paid in cash. According to deal IPIC will take over the charge of the company as soon as the closing date occurs around the end of March 2009. The officials said as soon as possible new board of the company will be formed. Expecting that in the new board there will be four members from IPIC and two members from the MAN AG Group.
IPIC is mainly responsible for all type of foreign investments in the oil as well as chemicals sector. The company is run by an independent Board of Directors directly under the chairmanship of Sheikh Mansour bin Zayed Al Nahyan. The company is supervised by the Supreme Petroleum Council of Abu Dhabi which oversees the United Arab Emirates’ oil and gas operations and related industries. On the other hand, MAN Ferrostaal is one of the biggest providers of industrial services. According to statistics in 2007, it has got 4,200 workforce and an annual turnover of euro around 1.4 billion. This company serves various customers in above 60 countries globally. It is part of the Munich-based MAN AG group. The company provides industrial services in two areas such as Projects and Services. However, the company is now focusing on energy and fuels more and more. That’s why, they make a deal with IPIC.
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