Fincantieri Goes “All In” on Vard Acquisition

Fincantieri Oil & Gas, a subsidiary of the Italian shipbuilding conglomerate Fincantieri, has launched a voluntary conditional general offer in Singapore for the ordinary shares of Vard Holdings Limited not already held by the company.

The company said that the offer is for the remaining 44.37% of the Vard share capital not already held by Fincantieri O&G, which is equal to over 523.5 million shares.

The price per share offered to the minority shareholders will be SGD 0.24 (USD 0.17), for a maximum consideration of SGD 125.6 million (USD 89 million) in case of full acceptance.

Fincantieri said that the offer will be financed through available financial resources.

Fincantieri O&G currently holds around 55.63% of the Vard share capital, following the acquisition of a majority stake in January 2013 and the subsequent mandatory general offer.

Listed on the Singapore Exchange, Vard is one of the largest shipbuilders of offshore and specialized vessels, with nine shipyards in Norway, Romania, Brazil and Vietnam.

“The purpose of the offer is to delist Vard from the Singapore Stock Exchange and the offer is conditional upon Fincantieri O&G acquiring more than 90% of the total Vard shares. Once this condition is met, the Singapore Stock Exchange may suspend trading of the Vard shares following the close of the offer,” Fincantieri said.

The offer period will end on a date at least 28 days after the day the offer document is dispatched, subject to further extensions, according to the company.

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