Raise Vard buyout offer, urges watchdog

Sias said minority shareholders have questioned the independence of Vard's directors, specifically that of Mr Roy Reite. Vard's shipbuilding facilities include the Brattvaag yard in Norway. Italy's Fincantieri, which already has over 80 per cent of V
Vard's shipbuilding facilities include the Brattvaag yard in Norway. Italy's Fincantieri, which already has over 80 per cent of Vard, has offered to buy the remaining shares it does not already own at 25 cents apiece.PHOTO: VARD HOLDINGS
Sias said minority shareholders have questioned the independence of Vard's directors, specifically that of Mr Roy Reite. Vard's shipbuilding facilities include the Brattvaag yard in Norway. Italy's Fincantieri, which already has over 80 per cent of V
Sias said minority shareholders have questioned the independence of Vard's directors, specifically that of Mr Roy Reite.

Sias also wants each director to state where he or she stands on the proposed deal

The investors' watchdog has called on parent company Fincantieri to lift its buyout offer to Vard shareholders.

It has also asked each director to state where he or she stands on the proposed buyout.

Please or to continue reading the full article. Learn more about ST PREMIUM.

Enjoy unlimited access to ST's best work

  • Exclusive stories and features on multiple devices
  • In-depth analyses and opinion pieces
  • ePaper and award-winning multimedia content
A version of this article appeared in the print edition of The Straits Times on May 16, 2018, with the headline 'Raise Vard buyout offer, urges watchdog'. Print Edition | Subscribe