OSLO (Thomson Financial) - Aker Yards ASA said the sale of a 70 percent stake in three of its Merchant Vessel shipyards to Russian investment firm FLC West has finally been completed, but that the final transaction price is 248.9 million euros, below the 291.9 million euro figure announced earlier this year.
'As announced in March, the completion of the transaction has been subject to evaluations of debt and working capital,' the Norwegian shipbuilder said.
'Based on this evaluation and a review of the business portfolio of the three yards, the final transaction price has been set to 248.9 million euros.'
This, the firm said, provides it with a net gain of 800 million Norwegian crowns to 850 million crowns compared to book value.
Aker Yards also announced that the completed transaction includes an option for FLC West to acquire Aker Yards' remaining ownership in the three yards.
'If FLC West decides to make use of this option, the payment per share to Aker Yards will be at the level of today's transaction plus a minor premium,' the firm said.
Additional details regarding the accounting effects of the transaction will be announced alongside the firm's second quarter results, due on 8 August, it added.
Earlier this year, Aker Yards said it had agreed to sell a 70 percent stake in the newly-created Aker Yards Ukraine Holding to FLC West.
Aker Yards Ukraine Holding will own the Norwegian firm's shipyards at Nikolaev in Ukraine, and at Wismar and Warnemunde, both in Germany. firstname.lastname@example.org ar/jlc COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.