Finnish State To Join Bidding For Masa-Yards

The Finnish state plans to join the bidding for Masa-Yards, the Finnish shipyards of Anglo-Norwegian engineering firm Kvaerner, according to news reports. Officials said that the state plans to invest some tens of millions of markka into the company and to secure a seat on its board to safeguard its interests in guaranteeing orders. Poland's Gdynia shipyard and a group led by Masa-Yards Chief Executive Martin Saarikangas are said to be making a joint bid for the two yards in Turku and Helsinki, estimated by analysts to be worth around $300 million.