Finland’s Viking Line has spent €10.3m ($10.54m) to become the major shareholder in loss-making compatriot shipowner Rederiaktiebolaget Eckero.

The cruise ferry and ro-pax group said it acquired 17.1% of the shares at €30 each.

The company explained that it had received information that a large stake in Eckero was up for sale.

In order to ensure that ownership stayed on the island of Aland, Viking Line chose to acquire the stock, it added.