The UAE's Abu Dhabi Mar has signed contracts for the takeover of
Greece's Hellenic Shipyard. Under the documents signed on Sept. 30, Abu
Dhabi would acquire 75 percent of Hellenic, with the remainder held by
Germany's ThyssenKrupp Marine Systems.
"The signing of the contracts is a great success with benefits for all
three participating parties," ThyssenKrupp board member Olaf Berlien said.
"After long negotiations we have succeeded in securing the future of the
shipyard and Greek expertise in submarine construction will be preserved."
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Greek officials also signed contracts to implement the framework
agreement for the transfer of Hellenic, which has assembled and upgraded
platforms for the Greek Navy. Abu Dhabi Mar chairman Iskandar Safa
participated in the signing in Athens.
Abu Dhabi, ThyssenKrupp and Athens had been involved in arbitration
since December 2009. Officials said the agreement would become effective in
October 2010. Abu Dhabi and ThyssenKrupp have also formed a partnership for
the development and assembly of naval platforms.
"Since acquiring HSY in 2005 ThyssenKrupp has expanded the shipyard into
a state-of-the-art submarine manufacturing site in the Mediterranean
region," ThyssenKrupp said.
The agreement provides for the transfer of 75.1 percent of Hellenic
shares to Abu Dhabi. Greece would also accept all submarines built by
ThyssenKrupp for the Navy as well as purchase two
additional Type 214 submarines. Greece's orders for Hellenic to modernize
the Navy's Type 209 submarines were scrapped.