Fincantieri taking Vard private amid adverse O&G market
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Singapore
THE current adverse oil & gas (O&G) market conditions have strengthened Fincantieri Group's long-held view that it should bring Singapore-listed subsidiary Vard Holdings fully under its fold. The Italian shipping group, which through Fincantieri Oil & Gas S.p.A holds a 55.63 per cent interest in Vard, has launched a privatisation offer for the remaining 44.37 stake at S$0.24 a share, valuing Vard at some S$283 million.
The voluntary cash offer by Fincantieri Oil & Gas S.p.A to delist Vard is conditional on the offeror and its concert parties ending with more than 90 per cent of Vard's total number of shares. When this condition is met, the Singapore Exchange (SGX) may suspend trading of the Vard shares following the close of the offer.
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