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Oil Report

Aker sees no grounds to alter Aker Solutions deal

OSLO, April 8 (Reuters) - Norwegian industrial group Aker ASA AKER.OL said on Wednesday it saw no grounds for altering or revoking a $250 million asset sale to Aker Solutions despite the industry minister's view that the deal was untenable.

Trade and Industry Minister Sylvia Brustad said the deal should have been submitted to Aker Solutions’ general meeting of shareholders, and because it was not, the government -- a shareholder in Aker Solutions -- did not consider it binding.

“Aker ASA does not see any grounds for revising or withdrawing any agreements as Trade and Industry Minister Sylvia Brustad today has said she expects,” Aker ASA said in a statement.

“Aker ASA maintains that the agreements published last week were entered into after a proper process, also in respect to Aker Holding AS and the Ministry of Trade and Industry,” it said.

Aker ASA announced on April 2 that engineering group Aker Solutions would buy shares in five Aker companies for a total of around 1.71 billion Norwegian crowns ($254.5 million).

The deal has been slammed by some analysts and politicians who allege it is an opportunistic move by Aker ASA, the biggest shareholder in Aker Solutions, to rid itself of unwanted assets at an inflated price. (Reporting by Aasa Christine Stoltz and John Acher)

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