STX mulls sale of stake in European unit

SEOUL, Nov. 20 (Yonhap) -- STX Group, a South Korean company, said Thursday it is
considering selling parts of its stake in STX Europe ASA, formerly known as Aker
Yards, to recoup some of its spending for the takeover.
"We are looking at various options to recoup some of our investment," said a STX
official. "But no detailed plan has yet been made," he said.
A local newspaper reported that STX, parent of the world's No. 6 player STX
Shipbuilding Co., is planning to sell half of its stake in its European unit.
STX Shipbuilding and other affiliates spent a total of 1.4 trillion won for the
takeover of Europe's biggest shipmaker, last year. They now hold a combined 97.9
percent in STX Europe.
The South Korean business group expects to recoup around 1 trillion won of the
money it spent in taking over the company, the report said.
Shares of STX Shipbuilding were trading at 10,950 won on the Seoul bourse as of
1:10 p.m., down 10.61 percent.
The move came after global ship orders in September dropped due to global
economic recession.
sam@yna.co.kr
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