Aug 18, 2008, 12:28 GMT
Seoul - South Korea's STX Group said on Monday it was more than doubling its stake in Europe's largest ship maker Aker Yards to 88.4 per cent, gaining full management control of the Norwegian firm, the company announced on Monday.
STX announced it had acquired an additional 48 per cent for 660 billion won (632 million dollars), more than doubling its stake from 40.4 per cent. STX acquired 39.2 per cent in October 2007 to make inroads into cruise line construction and upped its stake in June.
Transactions will be completed by August 29 and Aker would be renamed STX Europa at a shareholders' meeting in September, according to STX.
Aker Yards spokesman Torbjorn Andersen told Norwegian news agency NTB noted receipt of the STX statement of intent.
'Aker Yards is today the world's main producer of offshore and specialized vessels. It is very good that STX says they want to develop this,' Andersen noted.
Aker Yards board on August 8 recommended that shareholders support the deal.
The board however was critical of a June agreement between STX and French government over Aker dockyard Chantiers de l'Atlantique, saying it was taken without consultation with Aker.
At the end of July, Akar Yards announced the sale of 70 per cent stake in three of their dockyards in Germany and the Ukraine to Russian investment firm FLC West for 365 million dollars, to improve its financial capacity and liquidity.
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