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ThyssenKrupp, Greece Strike Deal On Greek Shipyards

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German conglomerate ThyssenKrupp AG said Thursday that its Marine Systems unit, Abu Dhabi MAR and the Greek government have reached an agreement on Hellenic Shipyard, pending approval from the Greek parliament, Dow Jones Newswires reports.

Details of the agreement werent disclosed, but the Greek parliament is set to OK the deal by the end of Sptember.

Under the deal, ThyssenKrupps 75.1% stake in Hellenic Shipyards will be transferred to shipbuilder Abu Dhabi Mar while Greece will upgrade its order of two new submarines from ThyssenKrupp at a cost of about EUR175 million.

"After very tough and difficult negotiations, that on several occasions came close to the edge of breaking down, we have initialed the contractual plan by all the parties," Defense Minister Evaggelos Venizelos said.
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