HDW Stake to go to MAN unit

Monday, April 08, 2002
A unit of Germany's MAN AG reportedly confirmed to a major news agency that it would buy a 15 percent stake in Howaldtswerke- Deutsche Werft (HDW) by October 1. The move follows a surprise takeover of the shipyard by U.S.-based One Equity Partners last month who freed the yard from the control of ailing engineering firm Babcock Borsig. The head of MAN unit Ferrostaal AG, reportedly told a news conference that the firm agreed to buy a 15 percent stake offered by One Equity soon after it gained control of 75 percent of HDW's shares. HDW is the world's leading producer of non-nuclear submarines. One Equity said it bought the controlling stake as a financial investment. The MAN official reportedly said the stake in HDW was an attractive way for Ferrostaal, MAN's industrial services unit, to secure its continuing business with HDW.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


DP World, SCA Pact for Ain Sokhna Port Development

Suez Canal Authority (SCA) and the Red Sea Ports Authority signed an agreement with Dubai Ports World (DP World) and Sonker Bunkering Company for the development of Egypt’s Ain Sokhna seaport,

SCCT Prepares to Boost Vessel Traffic with 24-hour Access

A formal signing ceremony will now enable vessels to transit to Port Said East through a new side channel to be constructed bypassing the Suez Canal’s main entrance.

Controversial Nicaragua Canal Project Postponed

China's Hong Kong Nicaragua Development (HKND) Co. said it is delaying the start of construction on a controversial $50 billion inter-ocean canal across Nicaragua until late 2016.

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Port Authority Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0671 sec (15 req/sec)