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Saturday, September 11, 2010

ThyssenKrupp shipyards deal hits last-minute snag

U 214 classGerman group ThyssenKrupp said talks with Greece on the future of its Hellenic Shipyards unit were at a make-or-break stage after the Greek navy backed off from a deal on the country's largest shipyard.

At stake is around 320 million euros ($406 million) which ThyssenKrupp will get from Greece for six submarines, settling a long-standing dispute over submarine construction and programme upgrades.

It would also close the transfer of ThyssenKrupp's 75.1 percent stake in Hellenic Shipyards, based in Skaramangas outside Athens, to shipbuilder Abu Dhabi MAR group.

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