STX Set to Bid for Aker Yards

Tuesday, June 24, 2008

STX Group of will launch a mandatory buy-out offer for Aker Yards after increasing its shareholding to above 40 percent, reports said.
The Korean shipbuilder acquired 39 percent of the Norwegian group for $800m last October.
STX Group announced yesterday that it had bought 1.3m shares at Nkr63 a share, bringing its shareholding up to 40.4 per cent, triggering the mandatory buy-out offer.
STX Group said that it would launch a buy-out of Aker Yards.
STX Group's acquisition of a controlling stake in Aker Yards has raised fears that it could transfer the expertise in cruise ships to its lower-cost Asian yards, leading to the loss of more European shipbuilding jobs.  The Finnish government has indicated that it could take a stake in Aker's Finnish yards if it would help preserve shipbuilding in the country.

Source:  Financial Times

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