Italian shipbuilder Fincantieri has launched an offer for the shares of Vard Holdings that it doesn’t already own in a bid to take full control of the company and delist it from the Singapore Exchange.
Fincantieri Oil & Gas currently holds 55.63% of Vard’s shares and launched the S$125.6m ($88.9m) bid to pick up the remaining 44.37% of the company at S$0.24 per share. The offer price is just 1 cent more than Vard’s share price at the close of trading on Friday.
Fincantieri is hoping to delist Vard from the exchange by increasing its stake in the Norwegian offshore shipbuilder to more than 90%. The company originally took a major stake in Vard, formerly STX OSV, back in 2013.