Fincantieri offers to buy rest of Vard for S$125.6 mln

vard

Italian shipbuilder Fincantieri SpA offered to buy the rest of Singapore-listed Vard Holdings Ltd that it does not already own for up to S$125.6 million ($88.7 million), according to a statement.

The purpose of the offer is to de-list the company from the Singapore Stock Exchange and the offer is conditional upon Fincantieri acquiring more than 90 percent of total Vard shares, Fincantieri said in its statement.

The proposed acquisition of Vard, which has a market capitalisation of about $192.3 million, adds to a growing list of take-private deals in Singapore, including ARA Asset Management Ltd and massage chair maker OSIM International.

Fincantieri holds an about 55.6 stake in Vard, a Norway-headquartered-shipbuilder of offshore and specialized vessels.

The Italian company is offering S$0.24 per Vard share, a premium of about 4 percent to the stock’s closing price on Friday.

[reuters]

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