Fincantieri pushes back Vard takeover offer

Italian shipbuilder Fincantieri has informed that the closing date to make an offer for Vard Holdings, a company building offshore vessels for the oil and gas industry, has been extended. 

Singapore-listed Vard has around 9,000 employees and nine shipyards in Norway, Romania, Brazil, and Vietnam.

Fincantieri’s subsidiary, Fincantieri Oil & Gas, in November 2016 announced its plans to make a voluntary conditional cash offer for all of the issued ordinary shares in the capital of Vard Holdings Limited other than those already owned, at S$0.24 per share. More precisely, the offer is for the 523,528,732 shares not already held by Fincantieri O&G, equal to 44.37% of the Vard share capital.

In the case of full acceptance, maximum consideration will be around $125.6 million Singapore dollars.

Fincantieri said on Thursday that, in relation to the offer launched in November, the closing date of the offer is extended from 5.30 p.m. (Singapore time) on December 29, 2016, to 5.30 p.m. (Singapore time) to January 12, 2017.

Fincantieri Oil & Gas builds equipment, systems and components for the oil and gas industry as well, including construction, maintenance and conversion of offshore vessels and drilling rigs. Fincantieri already owns 55.63 percent stake in Vard.

Offshore Energy Today Staff

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