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26 January 2009

Asters Advises on the Global Petroleum and Energy Market's Strategic Investment


Asters has acted as a legal adviser to International Petroleum Investment Company (IPIC), one of the world's leading companies in the field of petroleum and energy investment, on the issues of Ukrainian merger control law, including obtaining clearance of the Antimonopoly Committee of Ukraine for the acquisition of controlling 70% interest in the global provider of industrial services MAN Ferrostaal AG (Essen, Germany) from its parent, MAN AG (Munich, Germany).

IPIC is wholly owned by the Government of the Emirate of Abu Dhabi. IPIC invests on a long-term basis in energy and energy-related companies outside the United Arab Emirates concentrating on petroleum refining and related upstream and downstream distribution and service networks.

MAN Group, controlled by MAN AG, is one of the world's leading manufacturers of commercial vehicles, engines and mechanical engineering equipment. The Group's sub-division, MAN Ferrostaal AG, with its controlled companies, is active in international plant construction, as well as providing services for manufacturers of machinery through its core competencies: project development, project management, partner integration and system integration.

The transaction will enable IPIC's access to MAN Ferrostaal AG’s leading edge capabilities, vital to Abu Dhabi’s continued economic development, in the fields of petrochemicals, solar power and project construction and management. At the same time, the deal provides MAN Ferrostaal AG with growth opportunities in previously untapped markets, both in Abu Dhabi and in the wider MENA region.

Partner Igor Svechkar led Asters' team advising IPIC assisted by associates Tetiana Buchko and Maryna Kovalko. Shearman & Sterling LLP acted as international legal counsel in the deal.



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