Oslo: STX Shipbuilding of Korea bid Friday for another $110m of Norway's Aker Yards, surprising the market.
In a statement issued after the close of the Oslo bourse, STX said it "intends to launch a mandatory offer for all shares outstanding in Aker Yards".
STX offered NKr63 per share for up to 7.9% of the shares in Aker Yards, which would raise its current stake to 47.2% of the group. This would trigger a buyout of minority owners, its brokers, ABG Sundal Collier, said in a statement to the Norwegian stock exchange.
The offer is worth between NKr126m and NKr567m($24.3m - $109.5m).
Under Norwegian law, buying a stake of more than 40% in a company triggers a mandatory bid for the rest. STX currently holds 39.2% of the European builder. [23/6/08]
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