MAN, which had initially announced the deal in October last year, said it would keep a 30% stake in Ferrostaal. 

Abu Dhabi's International Petroleum Investment Company (IPIC) has become the new majority owner of MAN Ferrostaal.

IPIC has acquired 70% of the shares; MAN remains a shareholder maintaining 30%. The price for 100% of the shares will amount to approximately €700 million, depending on the outcome of a mutual option that MAN and IPIC have agreed on for the sale and purchase of the remaining shares. 

The transaction includes all business activities and subsidiaries. 

In the solar power sector, MAN Ferrostaal has joint venture in MAN Solar Millennium GmbH with Solar Millennium for project development, turnkey construction and financing of large scale solar thermal power plants. Recently, it emerged that NV Energy Inc. and Solar Millennium, LLC, together with its joint venture partner MAN Ferrostaal Inc., had begun the groundwork for what could be one or more solar power plants in Southern Nevada. 

Related links: MAN Ferrostaal

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