s korea＇s stx group boosts stake in norway＇s aker yards to 88.4％

mｉd﹣sized south korean shipbuilding conglomerate stx group said monday it has "fully secured management control" of norway＇s aker yards by raising its stake in europe＇s biggest shipyard to 88.4 per cent. stx, which had boosted its stake in aker yards to 40.4 per cent in june, offered to buy all of the remaining stock for 63 norwegian kroner (us$11.70), or 193 korean won, per share. stx "fully secured management control of aker yards when it became the largest shareholder in october last year," said a group official.
the cost to buy the additional 48 per cent stake in aker yards is valued at 660 billion won (us$632 million), the official said.
transactions will be completed by august 29, according to stx.
stx has been aggressively expａnding its business portfolio since early 2000 by acquiring the shipyard stx shipbuilding co (kse:067250) ａnd the shipper stx pan ocean co.
the takeover of aker yards is expected to help stx make inroads into a lucrative cruise line business, analysts say.