Join our crew and become one of the 104,513 members that receive our newsletter.

Fincantieri Launches Offer for Remaining Vard Shares

Fincantieri Launches Offer for Remaining Vard Shares

GCaptain
Total Views: 10
November 14, 2016

The Vard Søviknes shipyard in Norway. Photo credit: Vard

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.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 104,513 members delivered daily straight to your inbox.

Join Our Crew

Join the 104,513 members that receive our newsletter.