Green light for ADM deal

The Greek government said yesterday it approved an offer by the Shipbuilder Abu Dhabi MAR (ADM) for ThyssenKrupp-owned Hellenic Shipyards (HSY), the General Secretariat of Communications said. «The new joint scheme will be led by ADM, which will hold 75.1 percent of the Skaramanga shipyard’s share capital, with ThyssenKrupp Marine Systems participating with 24.9 percent,» the secretariat said in a statement. «The scheme is fully approved by the Greek government,» it added. No financial details were provided. In January, ThyssenKrupp picked ADM, a United Arab Emirates group which owns shipyards in France and Germany, as the preferred bidder to buy a majority stake in its indebted Greek shipbuilding unit HSY, the largest shipyard in the Mediterranean. Last month, Greece’s Economy Minister Louka Katseli met with Sheikh Mohammed bin Zayed Al Nahyan, the crown prince of the Arab emirate, in Abu Dhabi, where they talked about boosting bilateral trade ties in the fields of renewable energy sources, tourism and infrastructure.

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