The EU Commission has approved the STX buy of 39.2 per cent of the shares in Aker Yards. The South Korean shipbuilding group will become the largest shareholder in the company and is expected to have representatives elected to the board at the AGM on 21 May. The Commission has dismissed all complaints including warnings that STX might be able to take advantage of illegal subsidies from South Korea. There are widespread fears that the deal will lead to a transfer of competence in the cruise sector from Europe to South Korea.
The EU decision and rumours that Fincantieri is on the move to buy stakes in Aker Yards to prevent STX from a total take-over sky-rocketed the share price on the Oslo Exchange. Trade was dismissed when the price had gone up by some 20 per cent.
The EU decision and rumours that Fincantieri is on the move to buy stakes in Aker Yards to prevent STX from a total take-over sky-rocketed the share price on the Oslo Exchange. Trade was dismissed when the price had gone up by some 20 per cent.