Fincantieri's privatisation offer of Vard Holdings declared unconditional

VARD Holdings said on Thursday that the voluntary conditional cash offer from Fincantieri Oil & Gas to buy out the remaining equity that it does not hold in Vard has been declared unconditional.

Fincantieri has obtained consent from the Securities Industry Council to reduce the acceptance condition to a level of more than 50 per cent.

The closing date for the offer has also been extended from 5.30 pm on Thursday to 5.30 pm on Feb 2 or later as may be announced.