ATHENS, Greece (AP) -- Shipbuilder Abu Dhabi Mar group will head the acquisition of a majority stake in Greece's largest shipyard from Germany's ThyssenKrupp Marine Systems, the Greek government said Monday.
A statement said United Arab Emirates authorities are backing the plan, under which a consortium led by ADM would control 75.1 percent of Hellenic Shipyards SA, based in Skaramangas outside Athens.
No financial figures were made public.
The statement said the proposed deal would ensure the shipyard's long-term survival and "meets with the Greek government's full approval."
Under the deal, Germany's ThyssenKrupp Marine Systems would retain 24.9 percent of the company.
Officials at Hellenic Shipyards and Abu Dhabi Mar declined to comment on the announcement.
ThyssenKrupp Marine Systems is engaged in a dispute with the Greek government over submarine construction and upgrade programs with the Greek Navy worth more than euro2 billion ($2.71 billion).
The government announcement followed a visit by Economy Minister Louka Katseli to the United Arab Emirates.
