Seoul: South Korean shipbuilding conglomerate STX Group has joined the management of Norway's Aker Yards ASA after getting the European Commission's approval to buy a controlling stake in the cruise-ship maker in early May.
At Aker Yards' annual general shareholders' meeting Wednesday, STX Norway AS Chief Executive Kim Su-Jou was appointed as director for two years on Aker Yards' nine-member board, STX Shipbuilding said in a statement.
STX Group paid $800 million to acquire a controlling 39.2% stake in Aker Yards through STX Norway AS, which is 67%-owned by STX Shipbuilding Co and 33%-owned by STX Engine Co), an STX Shipbuilding spokesman told Dow Jones Newswires in a phone interview.
"We are fully satisfied with the results of the shareholders' meeting and believe Kim and the eight other board members will contribute to Aker Yards' long-term growth," STX Corp Vice Chairman and Chief Executive Lee Jong-Chul said in the statement.
STX Group owns STX Shipbuilding, the world's fifth-largest shipbuilder by orders, as well as STX Engine and STX Pan Ocean, through its holding company STX Corp.
"The acquisition will help STX (Shipbuilding) advance to the lucrative cruise-ship market, a niche that largely has been untapped by Korean shipbuilders," said the spokesman. [22/5/08]
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