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Fincantieri Offers to buy Rest of Vard Shares
FINCANTIERI S.p.A. announced that its subsidiary
Fincantieri Oil & Gas S.p.A. has launched a voluntary
conditional general offer in Singapore for the ordinary shares of
Vard Holdings Limited not already held by Fincantieri O&G
and its related corporations.
The Offer is therefore for the 523,528,732 shares not already
held by Fincantieri O&G, equal to 44.37% of the Vard share
capital.
Vard, a company listed on the Singapore Stock Exchange, is one of
the largest global shipbuilders of offshore and specialized
vessels, with about 9,000 employees and nine shipyards in Norway,
Romania, Brazil and Vietnam.
The price per share offered to the minority shareholders will be
SGD 0.24, for a maximum consideration of SGD 125,646,896 (approx.
EUR 82,000,000 at the current exchange rate) in case of full
acceptance. The Offer will be financed through available
financial resources.
Fincantieri O&G currently holds 656,471,268 shares of Vard,
equal to around 55.63% of the share capital, following the
acquisition of a majority stake on January 23, 2013 and the
subsequent mandatory general offer. The Fincantieri group fully
consolidates Vard as from the 2013 acquisition date.
The purpose of the Offer is to delist Vard from the Singapore
Stock Exchange and the Offer is conditional upon Fincantieri
O&G acquiring more than 90% of the total Vard shares. Once
this condition is met, the Singapore Stock Exchange may suspend
trading of the Vard shares following the close of the Offer.
The offer period will begin on the day an Offer document is
dispatched to shareholders, and will end on a date at least 28
days after the day the Offer document is dispatched, subject to
further extensions.
Nov 14, 2016