Aker ASA to increase its Aker Solutions ASA ownership
Today, Saab AB and Investor AB notified Aker ASA that they will exercise their option to sell the two companies' combined ten-percent ownership interest in Aker Kværner Holding AS (formerly Aker Holding AS) to Aker ASA. As a consequence, Aker ASA's indirect ownership of Aker Solutions ASA and Kværner ASA shares will increase from 24 percent to 28 percent.
"This development is as expected and something we have been planning for. Working alongside the Norwegian government - through Aker Kværner Holding - Aker will promote the continued development of Aker Solutions and Kværner as two leading, focused exchange-listed companies. We have great faith in Aker Solutions and Kværner as excellent, long-term investments for Aker and our fellow shareholders," says Aker ASA's President and CEO Øyvind Eriksen.
Aker Kværner Holding owns 40.3 percent of Aker Solutions shares, and will have the same ownership interest in Kværner once this company is spun off from Aker Solutions and listed on the Oslo Stock Exchange on 8 July 2011.
Saab and Investor will sell their ownership interest in Aker Kværner Holding to Aker; the transaction settlement date is 30 June 2011. The aforementioned 10-percent stake in Aker Kværner Holding corresponds to 11 033 361 Aker Solutions shares. The per-share price is determined by the put/call agreements of 22 June 2007; as previously announced, the per-share Aker Solutions exercise price as of 30 June 2011 is corresponding to NOK 160.16. The NOK 1 767 million purchase will be funded from Aker's available cash, which amounted to NOK 4.8 billion as of the close of the first quarter of 2011.
Following the transaction discussed above, Aker's ownership interest in Aker Kværner Holding will increase from 60 percent to 70 percent. The Norwegian government, through the Ministry of Trade and Industry, owns the remaining 30 percent of Aker Kværner Holding shares.
For further information, please contact:
Atle Kigen, Head of Communications, Aker ASA. Tel: +47 24 13 00 08 or + 47 90 78 48 78
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Aker ASA via Thomson Reuters ONE
- Mexican train derails, stranding 1,300 migrants headed toward U.S.
- Gaza toll nears 100, Israel to counter rockets 'with all power' |
- Texas mass murder suspect collapses in court as crime recounted
- Ukraine says rebels will pay as missiles kill 23 soldiers |
- British 'Harry Potter' actor David Legeno found dead in U.S. park