Italian shipbuilding group Fincantieri has made a conditional offer for the remaining shares of Vard Holdings with a plan to take the company private.
Fincantieri already owns 55.63% of the Vard, a global shipbuilding of offshore and specialized vessels, following the acquisition of a majority stake January 2013. VARD is currently listed on the Singapore Stock Exchange.
Fincantieri has offered to pay minority shareholders SGD 0.24 per share in cash for a maximum consideration of SGD 12,646,896, or approximately EUR 82,000,000 at the current exchange rate. The company says the purpose of the offer is to delist Vard from the Singapore Stock Exchange upon acquiring 90% of Vard’s shares, a limit required under Singapore law.
Vard currently owns nine shipyards in Norway, Romania, Brazil and Vietnam and employs approximately 9,000 people.