Business News

South Korea's STX gains control over Norway's Aker Yards

Aug 18, 2008, 7:55 GMT

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.

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