An Abu Dhabi state investment firm says it is selling back its majority stake in German industrial services company Ferrostaal to co-owner MAN.
The International Petroleum Investment Company said Monday that German truck maker MAN will pay 350 million euros ($465 million) for the 70 percent stake.
IPIC bought the stake in 2009, with MAN holding on to the remaining 30 percent. Relations between the two sides soured after bribery allegations related to Ferrostaal emerged last year.
IPIC says Monday's deal settles their dispute and lays foundations for a positive future relationship.
Ferrostaal is a construction contractor for chemical, oil, gas and solar plants.
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