Fincantieri ups Vard bid by one cent

Singapore

ITALIAN shipbuilding group Fincantieri in a renewed bid to privatise its Singapore-listed subsidiary, Vard Holdings, has offered to pay 25 Singapore cents for every share it does not own, up just one cent from its previous offer.

The shipbuilding group now holds a 79.34 per cent stake in Vard through a subsidiary, up from 55.62 per cent back in last November when it launched its first offer at 24 Singapore cents per share to take Vard private.

A joint statement issued by the Italian parent group and its Singapore-listed subsidiary said that this is an exit offer to delist the latter from the Singapore Exchange and that it will not be…