(8:41 a.m. EDT) -- Shipbuilder Meyer Werft will acquire a majority stake in STX Finland's Turku shipyard, Seatrade Insider reports.
The German Company will purchase 70 percent of STX, giving it the ability to build larger ships than its German shipyards can handle. The acquisition is subject to clearance by authorities. Once the sale is approved, STX Finland Oy will be renamed Meyer Turku Shipyard Oy.
STX is currently building Mein Schiff 4 for TUI Cruises, which also just ordered two more newbuilds from STX. The yard has produced some of the industry's largest ships including Oasis and Allure of the Seas.
Meyer Werft has shipyards in Papenburg, where Quantum of the Seas is being finished up, and in Rostock, where many river cruise boats have been built.
--By Dori Saltzman, News Editor