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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