OSLO (Thomson Financial) - Aker Yards said the European Commission has granted an exemption that will allow South Korea's STX Shipbuilding to vote at an extraordinary shareholders meeting next month.
STX Shipbuilding bought a 39.2 pct stake in Aker Yards last year, making it the largest shareholder, but the South Korean company is yet to have its full-voting granted as authorities are still investigating the deal.
The EGM, scheduled for 1 April, has been called by Aker Yard's second largest shareholder, Havyard Invest, which wants to elect a new board.
OSLO, March 26 (Reuters) - Norwegian shipbuilder Aker Yards (AKY.OL: Quote, Profile, Research) said on Thursday it would propose no changes to its board's composition at an extraordinary shareholders' meeting on April 1 though its second-biggest owner had asked for changes. Privately owned Havyard Invest AS, which earlier this month announced it had raised its stake in Aker Yards to 10.2 percent to become the second-biggest shareholder, had requested the meeting and called for changes in the board.
But Aker Yards ASA said in a statement that its nomination committee had received no "specific proposals" from shareholders for new board members.
The term of the current term of the eight-member board runs to the annual general meeting on June 30.
So, Aker Yards said, "the nomination committee has not itself identified any compelling reason to replace the existing board or any of its members, not to elect additional board members, at the extraordinary shareholders' meeting."
It also said the committee had consulted with shareholders and concluded there was unlikely to be a majority at the EGM to replace any board members or add new members.
Aker Yards' biggest shareholder with 39.2 percent of the stock is South Korea STX Shipbuilding (067250.KS: Quote, Profile, Research).
Some analysts believe that STX and Havyard may be interested in splitting up Aker Yards, with STX taking the cruise-ship operations and Havyard the specialty-vessels business. (Reporting by John Acher; Editing by Quentin Bryar)