The Norwegian AKER MARITIME proposed a merger with its Anglo-Norwegian competitor KVAERNER which it hold with 17.8%. The operation will give birth to a world giant in the oil services sector with a turnover of between NOK 19 and 20 billion. In August, it was the turn of KVAERNER to launch a hostile take over bid on AKER MARITIME, project that was not finalised. See EI of 24 August 2000.