Shipyard sale cleared; ministry says jobs safe

Workers are seen repairing a vessel at Hellenic Shipyards (HSY) in Skaramanga near Athens. Greece has clinched a deal to transfer German ThyssenKrupp’s 75.1 percent stake in HSY to shipbuilder Abu Dhabi Mar Group (ADM). ‘After tough and painful negotiations that on occasion reached the verge of failure, the negotiating teams today initialed the deal,’ a Defense Ministry statement said. No financial terms were disclosed. The ministry said jobs at HSY will be protected. ThyssenKrupp fully acquired HSY, the eastern Mediterranean’s largest shipyard, in 2005. But the German steelmaker decided last year to sell the company, accusing the Greek government of breach of contract and of missing payments on a deal to build four submarines for the Greek navy. In March, Greece allowed ThyssenKrupp to sell HSY to ADM, but the deal subsequently hit glitches. The agreement will add to ADM’s existing shipyards in France, Germany and the United Arab Emirates.

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