Aker Yards Weigh STX Bid

Monday, August 11, 2008

Aker Yards shipbuilding said that a 1.3-billion-dollar bid by STX of South Korea underrated the company's potential, but advised shareholders to accept against a background of weak results, AFP reported.

The group reported a temporary slowdown of cruise-liner construction and downgraded its profit margins for the full year.

And it said that the takeover bid, worth 6.8 billion kroner (850 million euros), although undervaluing the group's potential, was worthy of serious consideration in the current climate.

The group reported a second-quarter net loss of 135 million kroner (16.9 million euros), its third quarterly loss running, from a profit of 200 million euros in the second quarter of last year.

But sales surged by 31.4 percent to 7.9 billion kroner, the company said.

The board advised shareholders to give serious consideration to accepting the STX bid.

Sourcce AFP

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