Financial and Banking News
Iran Sells Deutsche Babcock Stake for $150mn
The Iranian government last week sold its 25.2% stake in the West Germanengineering group Deutsche Babcock to a consortium of German banks. Iran isunderstood to have earned DM277mn ($150mn) from the sale of its 1.26mn shares,which it acquired in March 1975 for DM178.3mn (equivalent to some $73mn at thetime). The timing of the Iranian sale coincides with a large rights issue...