Fincantieri, through its subsidiary Fincantieri Oil&Gas, has launched a voluntary conditional tender offer for the purchase of ordinary shares, not already held directly or indirectly, of Vard Holdings Limited. The company, listed on the Singapore Stock Exchange, is one of the leading global builders of offshore vessels, with approximately 9.000 employees and nine shipyards in Norway, Romania, Brazil and Vietnam.
The shares involved in the Offer are equal to 44,37% of Vard's share capital. The price per share offered to shareholders is SGD 0,24, equivalent to about 82 million euro in case of full membership. The takeover bid will be financed entirely through available financial resources.
The Italian company based in Trieste already holds approximately 55,63% of Vard's share capital, following the acquisition of the majority stake on 23 January 2013, the date from which Vard was fully consolidated in the financial statements of the Fincantieri Group.
The Offer aims at the delisting of Vard from the Singapore Stock Exchange and is therefore conditional on Fincantieri Oil&Gas reaching a stake of more than 90% of Vard's share capital.
