Aker ASA, Norwegian state, Saab and Investor AB establish new strategic ownership structure for Aker Kvaerner ASA

Nordic Business Report, June 22, 2007

NORDIC BUSINESS REPORT-22 June 2007-Aker ASA, Norwegian state, Saab and Investor AB establish new strategic ownership structure for Aker Kvaerner ASA(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian industrial holding company Aker ASA announced on Friday (22 June) an agreement to transfer its 40.1% holding in the engineering, construction and technology group Aker Kvaerner ASA to the newly established holding company Aker Holding AS.

In connection with the transfer the Norwegian state, the Swedish defence and aerospace group Saab and the Swedish investment company Investor AB will acquire a total of 40% of the shares of Aker Holding.

The Norwegian government will acquire 30%, while Saab will acquire 7.5% and Investor 2.5%.

The transfer and subsequent transactions will free up to NOK6.4bn in assets for Aker, resulting in an accounting gain of NOK5.3bn.

"The agreements are historic. They provide Aker Kvaerner with long-term ownership, in recognition of the company's excellent employees, technologies, competence, and ability to innovate and execute. The commercial and entrepreneurial cooperation among Aker companies will continue. Further, Aker Holding will become a hub for developing new commercial ventures," said Leif-Arne Langoy, president and CEO of Aker.

Saab, which is investing NOK1.2bn for its 7.5% stake, said in a separate statement that it had taken the decision to make the investment after an invitation from the Norwegian government and Norwegian industry.

"We are delighted to be able to take an active role in a wider collaboration between Norwegian and Swedish industry. It is our ambition to develop more collaboration in Norway within areas of industry where Saab has expertise," said Ake Svensson, CEO of Saab.

Aker Kvaerner, headquartered in Lysaker in Norway, has 23,000 employees in some 30 countries, and annual revenues of approximately NOK50bn. The company is listed on the Oslo Stock Exchange and traded under the symbol AKVER.

One British pound (GBP) is worth approximately 11.98 Norwegian kroner (NOK).

((Comments on this story may be sent to nbr.feedback@nordicbusinessreport.com))