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.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
