STX Europe is official

Europe’s biggest shipbuilder, Aker Yards of Norway, is now officially renamed STX Europe ASA as a result of the takeover by South Korea’s STX Shipbuilding. The name change was approved by an extraordinary general meeting of shareholders, which also elected Su-Jou Kim as the new chairman, Aker Yards said in a statement.

Aker Yards, which has roots extending back 167 years in Norway, has 15 yards in Norway, Finland, France, Romania, Brazil and Vietnam and 30 % stakes in three yards in Germany. STX said last month that it had gained full management control and it is conducting a squeeze out of minority shareholders, having raised its stake to nearly 93 % by the end of August.