Breaking News: Abu Dhabi MAR deal to buy Blohm + Voss falls through

According to Reuters, ThyssenKrupp , Germany's biggest steelmaker, has scrapped a deal for Abu Dhabi MAR to buy its Blohm + Voss civilian shipbuilding assets, due to political changes in the Middle East.

In April 2010 we reported that the contract between Abu Dhabi MAR, the international shipbuilding group based in Abu Dhabi, and ThyssenKrupp Marine Systems would include the acquisition of Blohm + Voss Shipyards in Hamburg and the civil shipbuilding facilities of the former HDW Gaarden including employees in Kiel. Abu Dhabi MAR would also acquire an 80% stake in each of Blohm + Voss Repair and Blohm + Voss Industries, both of Hamburg. This deal now seems to be off the table.

ThyssenKrupp said today that a separate planned joint venture with ADM, to sell naval surface ships to the Middle East and North Africa had also fallen apart.

ThyssenKrupp affirmed it's strategy of focusing only on military shipbuilding.