September 3, 2008 / 3:36 PM / 11 years ago

Aker Yards to be renamed STX Europe

OSLO, Sept 3 (Reuters) - 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)

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