South Korea’s STX Shipbuilding made a surprise $110 million bid to buy up to 7.92 % of the shares in Norwegian shipbuilder Aker Yards which would raise its stake to 47.15 % of the group. Already the biggest Aker Yards shareholder with a 39.23 % stake, STX offered to buy a least 2 million shares, or 1.76 % of the stock, and up to 9 million shares according to a leading brokerage firm at the Oslo bourse.<\/p>\n
STX in a statement said that if its offer succeeds, the company will launch a mandatory buyout offer for the rest of Aker Yards shares. Under Norwegian law, buying a stake of more than 40% in a company triggers a mandatory bid for the rest.<\/p>\n
The board of directors at Aker Yards will review the mandatory offer document when available and give a recommendation to the shareholders as to the financial fairness of the offer.<\/p>\n
Aker Yards? profitable cruise ship business is one of the few niches of the global shipping industry currently not dominated by Asian yards. Orders for cruise liners reach over $13 billion annually, accounting for more than 12 % of the global shipbuilding market according to industry estimates.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
South Korea’s STX Shipbuilding made a surprise $110 million bid to buy up to 7.92 % of the shares in Norwegian shipbuilder Aker Yards which would raise its stake to 47.15 % of the group. Already the biggest Aker Yards shareholder with a 39.23 % stake, STX offered to buy a least 2 million shares, […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"sponsor":[],"class_list":["post-2592","post","type-post","status-publish","format-standard","hentry","category-general-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/posts\/2592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/comments?post=2592"}],"version-history":[{"count":0,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/posts\/2592\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/media?parent=2592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/categories?post=2592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/tags?post=2592"},{"taxonomy":"sponsor","embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/sponsor?post=2592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}