Aker Maritime takes a bite of Kværner

Aker Maritime, a subsidiary of Kjell Inge Røkke's Aker RGI holding company, said it will take over 17.8 percent of arch domestic rival Kværner this month.

Aker Maritime has had options to buy 26.7 percent of Kværner's shares, but the company decided to accept a smaller stake after European Union officials signalled that they would oppose the proposed 26.7 percent take-over as harmful to competition in the Norwegian offshore services market. "Aker Maritime sees many interesting long-term possibilities for value creation in Kværner, and wishes through its ownership position to contribute to further development and strengthening of Kværne's activities both in Norway and internationally," the company said in a statement.