German steelmaker ThyssenKrupp said that shipbuilding group Abu Dhabi MAR is the preferred bidder to buy a majority stake in its indebted Greek shipbuilding unit Hellenic Shipyards (HSY).

'There were five offers and four did not fulfil the requirements,' a company spokeswoman said.

Thyssenkrupp decided to sell HSY earlier this year, after a dispute with the Greek government over a lifeline submarine building order left the dockyards strapped of cash.-Reuters