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Monday, October 4, 2010     GET YOUR INTELLIGENCE BRIEFING

United Arab Emirates acquires major Greece shipyard

ATHENS — The United Arab Emirates has formally acquired a leading European shipyard.

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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.



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