28 Nov 2011 08:09
RNS Number : 8659S
IPIC GMTN Limited
28 November 2011
LSE ANNOUNCEMENT
International Petroleum Investment Company (IPIC) today signed a settlement agreement with MAN SE in relation to their dispute regarding Ferrostaal AG. The settlement agreement provides that IPIC will retransfer to MAN, and MAN will repurchase from IPIC, all of IPIC's shares in Ferrostaal. MAN will pay €350 million to IPIC under the settlement agreement. The retransfer and repurchase of IPIC's shares in Ferrostaal is subject to clearance by relevant antitrust authorities.
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