STX bid pushes up Aker share price

Shares in Aker Yards ASA jumped 15 % in opening trade, leading up a stronger overall market, after South Korea’s STX Corporation announced that it is to launch a bid for the firm after hiking its stake beyond the 40 % mandatory offer threshold, dealers said.

Earlier today, STX said it will launch a takeover bid for its Norwegian peer “as soon as practically possible” after hiking its stake in the firm to 40.39 % from 39.23 %. In Norway, a shareholder must make a mandatory offer for all the shares in a company once its shareholding crosses the 40 % threshold.

“Our offer reflects our long-term industry goals for Aker Yards and is based on our confidence in Aker Yards’ capacity to strengthen its position as one of the world’s leading shipyards,” STX deputy chairman J.C. Lee said in a company press release. The company sought to allay fears that STX could be planning to simply move Aker?s orders to its shipyards in Korea.

“Unlike other Asian shipyards, STX’s strategy is to strengthen its subsidiaries where they are. This is why STX plans to retain the current structure of Aker Yards,” Lee continues in the press release.