05/05/2008 (Agence Europe) - On Monday 5 May the European Commission approved the proposed acquisition of control of the Norwegian shipbuilder Aker Yards by STX of South Korea. After an in-depth investigation, launched in December 2007 following a complaint by a third party, the Commission concluded that effective competition on the shipbuilding markets would not be significantly impeded as a result of the proposed transaction. STX is a Korean shipbuilder mostly active in building various types of cargo vessels, such as container ships or gas tankers. Until now, STX has not built cruise ships or ferries. Aker Yards is one of the three main players on the global market for the construction of cruise ships. The Commission concluded that there was therefore no horizontal overlap that could lead to the creation of a dominant position in the sector. The Commission also stated that South Korea would not be able to undercut prices and monopolise the cruise ship market. (C.D.)