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Roekke may split up Aker Kvaerner

Financially pressed industrialist Kjell Inge Roekke is reportedly reviving an idea floated by his predecessor at the engineering and construction concern Aker Kvaerner.

Financially pressed industrialist Kjell Inge Roekke is reportedly reviving an idea floated by his predecessor at the engineering and construction concern Aker Kvaerner. He may split the company into three separately stocklisted firms.

The three divisions would combine Aker Kvaerner's oil and gas division with engineering and construction in one new entity boasting annual revenues of around NOK 24 billion.

A second new stocklisted firm would encompass shipbuilding activities with revenues of NOK 19 billion.

The old Kvaerner's troubled units including a shipyard in Philadelphia and its rocket-launching unit Sea Launch would make up a third stocklisted entity.

Newspaper Finansavisen reported over the weekend that today's Aker Kvaerner would be renamed and turned into a stocklisted holding company for the three new entities.

The paper said Roekke and Aker Kvaerner officials are hammering out the plan in the hopes of presenting it at the annual shareholders' meeting this spring.

 

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