Fincantieri’s Vard takeover bid falls short. Ownership increases to 75%

Italian shipbuilder Fincantieri has not managed to fully take over Vard, an offshore vessel building specialist.

To remind, Fincantieri in November 2016 launched the offer for the shares not already owned by Fincantieri. More precisely, the offer was for 523,528,732 shares equal to 44.37% of the Vard share capital.

In the case of full acceptance, maximum consideration would have been around $125.6 million Singapore dollars. The Italian company then said that, subject to acquiring 90 percent of Vard shares, it would delist Vard from the Singapore Stock Exchange.

However, the Italian firm fell short, as it in a statement on Monday, said the offer had closed with with valid acceptances for a total of 215,946,242 offer shares. Fincantieri now owns 74.45 percent of Vard shares.

To remind, SIAS, a representative of minority shareholders in Vard, in January said the Fincantieri offer of $0.24 per Vard share was not enough and should have been improved.

Offshore Energy Today has reached out to Fincantieri seeking comment on the matter.

In a telephone conversation with Offshore Energy Today, a Fincantieri spokesperson while the result is not what Fincantieri expected, or desired to achieve, Fincantieri would continue to implement synergies and work with Vard, as “we have done up till now.”

The spokesperson would not comment on the future status of Vard, regarding the previously announced intention to delist Vard from the Singapore exchange.

Offshore Energy Today Staff

 

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 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 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply