Abu Dhabi Mar Buys Hellenic Shipyards

02.03.2010 Joint Ventures

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The German industrial group ThyssenKrupp is to sell 75.1 percent of Hellenic Shipyards near here to Abu Dhabi Mar of the United Arab Emirates, the Greek government said on Monday.     
The government said it welcomed the decision by Abu Dhabi Mar to invest in Greek shipbuilding, a decision backed by the authorities in Abu Dhabi.     
The German group is to retain the remaining shares. The shipyards, formerly state owned, are burdened by debt and ThyssenKrupp had been looking for a buyer for the stake since November. It said it was ready to sell for one euro.     
However, ThyssenKrupp which has owned the shipyard since 2005, said it wanted compensation, arguing that the Greek government owed it money over a disagreement over a suspended order for four submarines to be assembled in the yards.     
The Greek government, in the midst of a debt crisis and facing a huge effort to restructure the economy, said the deal offered a viable and lasting solution in the context of a national strategy for developing the shipbuilding industry and maintaining the employment of 1,400 workers.     
In 2006, Greece refused to buy the first submarine of the 214 series, objecting that the boat was faulty in several respects, notably because it listed.     

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