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S.Korea STX raises stake in Aker Yards to 88.4 pct

Sun Aug 17, 2008 10:14pm EDT

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SEOUL, Aug 18 (Reuters) - South Korea's STX Group, led by STX Shipbuilding (067250.KS), said on Monday it had raised its stake in Norway's Aker Yards AKY.OL to 88.4 percent through a tender offer and would rename the company STX Europe ASA.

"STX Group will fully take over the management of Aker Yards once the buyout is settled by Aug. 29," the South Korean shipbuilding-to-energy group said in a statement.

STX Shipbuilding had raised its stake in Aker Yards to 40.4 percent in June and proceeded with a mandatory offer to buy out minority interests in Europe's biggest ship maker. (Reporting by Rhee So-eui; editing by Jonathan Hopfner)



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