Abu Dhabi rescues Hellenic Shipyards

Athens: Shipbuilder Abu Dhabi Mar (ADM) group is to take a majority stake in Greece's largest shipyard from Germany's ThyssenKrupp Marine Systems, the Greek government said Monday.

Under the deal, for which financial figures have not been revealed, ADM would control 75.1 percent of hard hit Hellenic Shipyards SA, based in Skaramangas outside Athens. ThyssenKrupp would hold onto the remaining shares.

Source: Sea Trade Asia