OSLO, Sept 3 Europe's biggest shipbuilder, Aker
Yards AKY.OL of Norway, will be renamed STX Europe ASA due to
its takeover by South Korea's STX Shipbuilding 067250.KS, Aker
Yards said on Wednesday.
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.
The Korean company surprised the Norwegian financial market
last year by becoming Aker Yards' biggest shareholder and
launching a takeover of the rest of the group this year, which
it has virtually completed.
The acquisition has brought the Korean group into the
high-end cruise and ferry building market, which has been
dominated by Aker Yards and other European shipbuilders.
The cruise ship sector has been one of the few areas of
shipbuilding not dominated by Asian builders.
Aker Yards, which has roots extending back 167 years in
Norway, has 15 yards in Norway, Finland, France, Romania, Brazil
and Vietnam and 30 percent stakes in three yards in Germany.
STX said last month that it had gained full management
control and it is carrying out a squeeze out of minority
shareholders, having raised its stake to nearly 93 percent by
the end of August.
(Reporting by John Acher; Editing by Greg Mahlich)