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STX buys Aker Yards controlling stake

STX buys Aker Yards controlling stake

Seoul: South Korea's STX Group has purchased a 39.3% stake in Oslo-based Aker Yards for $800m, report newswires. The group, which has a portfolio of shipping assets including a shipyard (pictured) and dry bulk subsidiary, paid 97 kroner per share for the controlling stake thus expanding its shipbuilding portfolio to include extremely lucrative cruise vessels. The move will allow the group to compete with yards such as Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering which plan to being cruise vessel production in the near future.

STX now controls the largest stake in the company, and will have greater control than the other shareholders - UBS AG, BNP Paribas SA and Aker Yards itself, which have a combined 19.9% stake, according to the company's Web site.  [23/10/007]

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