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Aker raises stake in Aker Solutions at a big premium
November 27, 2013 / 7:54 AM / 4 years ago

Aker raises stake in Aker Solutions at a big premium

OSLO, Nov 27 (Reuters) - Norwegian holding firm Aker purchased 16.44 million shares or 6 percent of oil services firm Aker Solution at a 16 percent premium, raising its stake to about 34 percent, it said on Tuesday.

Aker, the firm’s biggest shareholder, said it bought the shares because it believed in Aker Solutions, one of the worst performers among major companies on the Oslo bourse this year.

It purchased the shares at about 115 crowns a piece, 16.2 percent above the stock’s last close of 98.9 crowns.

Shares in Aker Solutions have fallen 10 percent over the past year, well underperforming a 20 percent rise in the broader market, as the firm struggled in executing some contracts and as oil firms pared back their capital spending plans. (Reporting by Balazs Koranyi)

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