Greece clinches deal on shipyard sale

first_imgGreece has clinched a deal to transfer German ThyssenKrupp’s 75.1 percent stake in Hellenic Shipyards (HSY) to shipbuilder Abu Dhabi MAR group (ADM), the Defence Ministry announced on Thursday. After tough and painful negotiations the negotiating teams today initialled the deal.“After tough and painful negotiations the negotiating teams today initialled the deal,” the ministry said in a statement. The ministry did not disclose the terms of the contract. ThyssenKrupp fully acquired HSY, the eastern Mediterranean’s largest shipyard, in 2005. But the German steelmaker decided last year to sell the company, accusing the Greek government of breach of contract and of missing payments on a deal to build four submarines. In March, Greece allowed Thyssen to sell HSY to ADM, but the deal hit glitches. Source: Reuters Facebook Twitter: @NeosKosmos Instagramlast_img

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