Back in October of last year, Korean ship builder STX acquired an almost 40% stake in Norway’s Aker Yards, Europe’s largest ship builder. It was a strategic move to get into luxury and other higher-end ships to leapfrog the Chinese, who were nipping at Korean heels in container ships.
Back then the stock purchase was not a control investment due to STX’s desire to circumvent some EU regulations and other more emotional sensibilities.
Monday, STX made the announcement that they will acquire, by the end of August, an additional 48% of Aker for a grand total of 88.4% of the stock, for 660 billion won ($632 million). STX will now have effective management control of Aker and it will be renamed STX Europe ASA.
The majority sale was, in part, driven by continued disappointing performance of Aker, since they missed second quarter estimates by a significant margin (a negative 16.9 billion euros to be exact).
{ 21 comments… read them below or add one }
um…don’t mean to hijack this but…..i have totally found this odd on your site……
‘Meet North Korea Women’?????!!???
Or is it KJI himself under false aliases?
Is a “false alias(es)” your real name?
In other Korean M&A news, Hyosung Corporation bought Triton Systems of Delaware, Inc., North America’s largest manufacturer of off-site ATM machines.
Just FYI for the crowd who self declaredly said they are boycotting all products made by Korean companies.
http://www.triton.com/en/news/news_release_0818.php
@3
Who are those people? Rather difficult not to have an iPod in this day and age. (Containing Samsung flash memory.)
Kinda doubt that any of those people are in the market for a cruise ship or an ATM…
Yes… but everyone uses an ATM…
TK,
There are a few…
http://www.rjkoehler.com/2008/06/20/starkist-tuna-to-be-bought-by-a-korean-company/#comment-165006
they were some douches who were upset about the US beef thing.
that’s like saying you’ll live without sunlight.
the majority of them are boys who are frequent consumers of South Korean dwaenjang-bojis.
excuse the language.
I only speak the truth.
-wjk.
I see it involves my favorite person in the whole Marmot. ::cough::totallynotsurprised::cough
wjk, I think your heart is in the right place, but you really could use some lessons in rhetoric.
They bought a big time money losing business at a time when the world economy is headed downwards? The Koreans must have a brilliant plan for turning the business around.
#8 wjk
You, and the mistress of 한원수 on 조광지처클럽 (SBS).
You’re a sick, sick man, and if I’m saying it…
Austin,
Western business mind:
Revenue – Costs = Profits
Korean business mind:
Borrow -> Acquire -> Rule Empire
well, more than a handful dudes here have been saying,
something on the lines of,
‘well, I was so upset at this present Korean trend, that I talked about it with my Korean wife. My wife agrees with me. Koreans are wrong. Whenever my wife and I talk about things, my wife realizes how irrational and how fundamentally wrong Koreans are, and she thanks me for opening her eyes. She has small eyes. But lately, they have physically gotten bigger. If only I could talk some sense to all Koreans the way I can do with my wife…’
keep it inside your home, dude.
Sorry, but don’t we get enough boring business news from the Korean media?
No… this is bigger… it’s about buying a big failing business and turning it into Korean. For the sake of glorious Korean nationalism. I say well done !
#16,
Nah, they probably bought it before the Chinese did.
#14 wjk
Yeah, that’s my favorite appeal to authority here: “my Korean wife” or “my wife (Korean).” LOL!
#18,
My wife always quotes me about space travel, UFOs and astronomy.
“…my husband the alien (according the his national ID card)…”
the—-> to
This news is a bigger deal to Europeans, particularly the French, Italians and the Scandinavian countries, where Aker has its biggest shipyards and where its largest subcontractors are based.
To these countries it’s akin to a foreign country coming over and buying GM, IBM or Boeing.
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