STX poised for Aker takeover

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.

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.

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.

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.