ThyssenKrupp AG (TKA.XE) is looking to sell its Greek shipbuilding operations Hellenic Shipyards for a symbolic price of EUR1, executive board member Olaf Berlien said Friday.

However, ThyssenKrupp wants the buyer of the business to pay compensation of EUR220 million related to outstanding payments ThyssenKrupp claims from the Greek government, Berlien said, on the sidelines of ThyssenKrupp's annual earnings press conference.

The outstanding payments are related to submarine orders for the country's navy.

Berlien earlier Friday said that ThyssenKrupp expects bids for Hellenic Shipyards by Dec. 4.

Company Web site: www.thyssenkrupp.com

-By Martin Rapp and Jan Hromadko, Dow Jones Newswires; +49 69 29 725 503; jan.hromadko@dowjones.com
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