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Thursday, December 10, 2009

Abu Dhabi Is Seeking Stake in HDW Submarine Maker

Abu Dhabi MAR Group is considering taking a stake of less than 25 percent in ThyssenKrupp AG’s HDW submarine-building unit, which supplies navies in Europe, the Middle East and other regions, the German government said.
“The government is aware” of Abu Dhabi MAR’s interest in HDW, Economy Ministry spokeswoman Beatrix Brodkorb told reporters in Berlin today. Abu Dhabi MAR is seeking a 24.9 percent stake in Kiel, Germany-based Howaldtswerke Deutsche Werft GmbH, known as HDW, Handelsblatt newspaper reported earlier today.
The proposed stake would add to the Abu Dhabi shipbuilding group’s partnership with Essen-based ThyssenKrupp, the German steelmaker and shipbuilder that’s selling assets and reducing staff to trim debt and return to profit. ThyssenKrupp spokeswoman Anja Gerber declined to comment and phone calls to Abu Dhabi MAR went unanswered after business hours. (More)