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