EU clears S. Korea’s STX to buy shipbuilder Aker

BRUSSELS, Belgium -- EU regulators on Monday cleared South Korea’s STX Corp. to buy a large stake in Europe’s largest shipbuilder, Aker Yards ASA.

It dismissed initial worries that the deal might cause antitrust problems for cruise ships and a complaint that South Korean government subsidies for the new company might allow it to unfairly damage rivals by undercutting prices and monopolizing the market.

South Korean industrial group STX said in October it would pay 4.3 billion Norwegian kroner (US$796 million) for 39.2 percent of Norway-based Aker. The deal prompted trade union concerns that it would result in a loss of European jobs to Asia.

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