STX Acquires AKY Shares

Monday, June 23, 2008

Aker Yards' board of directors has received confirmation for STX' acquisition of 1 318 350 shares for NOK 63 per share, after STX announced an initiative to purchase further AKY shares in the afternoon of Friday, June 20. From before, STX held 39.2 percent of the shares in Aker Yards. As the acquisition triggers a mandatory offer from STX for all remaining Aker Yards shares, the board of directors expects STX to reflect the fair value of the company, including an appropriate control premium, in their offer.

The board of directors will review the mandatory offer document when available and give a recommendation to the shareholders as to the financial fairness of the offer. Arctic Securities and JP Morgan are advising Aker Yards.

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