Merger control: Commission approves proposed acquisition of control over Aker Yards by STX

The Commission has approved the proposed acquisition of control over Aker Yards ASA (“Aker”), of Norway, by STX Corporation (“STX”), of South Korea. STX is mainly active in building cargo vessels, whereas Aker is active in the construction of cruise ships and ferries, and also builds merchant vessels and offshore vessels. The Commission’s initial concern was that the acquisition would lead to the removal of STX as a potential new entrant into the cruise ship market. However, the Commission’s in-depth investigation revealed that STX is far from becoming an effective competitive constraint on the cruise ship market and that STX is not the only possible market entrant. The Commission concluded that the proposed acquisition will not create or strengthen such a dominant market position that would significantly impede effective competition in the EEA or in any substantial part thereof.

Source: Commission Press Release 5/5/2008

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