koreas-stx-spends-800-million-in-norway

Korea's STX spends $800 million in Norway

The Korean shipping conglomerate acquires 39% of Aker Yards to become the largest shareholder in the Norwegian company.
KoreaÆs STX Corporation has acquired a 39.2% shareholding in Norway's Aker Yards for $800 million.

STX bought shares in Aker Yards from financial investors to become the Norwegian company's largest shareholder. The quantum of the purchase is significant as STX would have triggered a general offer to minority shareholders at the same price if it had crossed the 40% threshold stipulated under Oslo Stock Exchange rules. Sources close to the deal confirmed that it is a conscious decision by STX to stay below the 40% level.

ôSTX emphasises that it intends to remain as a significant minority shareholder in Aker Yards,ö says the company in a stock exchange filing. STX also clarified that it intends...
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