Fincantieri Ends Vard Offer at 74 Pct

Image Courtesy: Vard

Fincantieri Oil & Gas, a subsidiary of the Italian shipbuilding conglomerate Fincantieri, has closed its offer for the ordinary shares of Vard Holdings Limited with valid acceptances for 74.45% of Vard’s share capital.

The voluntary conditional general offer, which was launched in November 2016 in Singapore, closed on March 24 with acceptances for over 215.9 million offer shares.

The company said that it is paying SGD 53.3 million (USD 38.2 million) for the shares acquired through the Singapore Stock Exchange.

Fincantieri earlier informed that its aim was to acquire 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 was initially SGD 0.24 for a maximum consideration of SGD 125.6 million in case of full acceptance. In January 2017, Fincantieri was asked to revise its offer as the minority shareholders of Vard said that there was room for improvement on the price, Securities Investors Association (Singapore) informed.

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

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jan 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >