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Wednesday, March 03, 2010

Greece Approves Sale of Shipyard to Abu Dhabi MAR Group


Hellenic Shipyards SA
Greece has approved the proposed sale of a majority stake in ThyssenKrupp's Hellenic Shipyards or HSY, handing control of the eastern Mediterranean's largest shipyard to Abu Dhabi MAR Group or ADM.

"The German steelmaker decided last year to sell HSY after accusing the Greek government of breaking its contractual obligations and missing payments on a deal to build four submarines for the Greek navy.

"The new joint scheme will be led by ADM which will hold 75.1 per cent of the share capital of Skaramanga shipyard (HSY), with ThyssenKrupp Marine Systems participating with 24.9 per cent," the government said in a statement on Monday.

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