Greece has approved Abu Dhabi Mar's (ADM) offer for a 75 per cent stake in ThyssenKrupp-owned Hellenic Shipyards (HSY), the largest shipyard in the Mediterranean.

'The new joint scheme will be led by ADM which will hold 75.1 per cent of the share capital of Skaramanga shipyard, with ThyssenKrupp Marine Systems participating with 24.9 percent. The scheme is fully approved by the Greek government,' the press ministry said in a statement on Monday.

In January ThyssenKrupp picked shipbuilding group Abu Dhabi Mar as the preferred bidder to buy a majority stake in its indebted Greek shipbuilding unit HSY. – Reuters