MAN AG Can Sell Rest of Ferrostaal in 2010

MAN AG can sell its remaining 30 percent stake in the Ferrostaal division to Abu Dhabi’s International Petroleum Investment Co. in early 2010, the Financial Times Deutschland reported.

The Munich-based truck maker and IPIC have agreed on options that will allow MAN to sell the stake and permit IPIC to demand the purchase, the newspaper reported, citing MAN Chief Financial Officer Karlheinz Hornung. It’s not clear when a transaction will occur, FT Deutschland said.

MAN, Europe’s third-largest truck maker, said last month it agreed to sell a 70 percent stake in Ferrostaal, which designs oil and petrochemical plants, to IPIC for an undisclosed sum to concentrate on trucks and engines.

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