Press Release: Mergers: Commission opens in-depth investigation into proposed take-over of Aker Yards by STX

The European Commission has opened a detailed investigation under the EU Merger Regulation into the planned acquisition of Aker Yards of Norway by STX of (South Korea). Both companies are major players in the shipbuilding business. An in-depth investigation will enable the Commission to assess whether the removal of STX as a new entrant into the cruise ship market would possibly have anti-competitive effects and so harm consumers. The Commission now has 90 working days, until 15 May 2008, to take a final decision on whether the concentration would significantly impede effective competition within the European Economic Area (EEA) or a substantial part of it. The decision to open an in-depth inquiry does not prejudge the final result of the investigation.