Vard exit offer extended to Aug 8 with delisting certain; Fincantieri stake rises to 87%

Vard Holdings shipbuilding facility in Norway.
Vard Holdings shipbuilding facility in Norway.PHOTO: VARD HOLDINGS

SINGAPORE - Fincantieri Oil & Gas has extended its offer for shipbuilder Vard Holdings to the business close of Aug 8 after shareholders of the target approved a delisting, according to filings on the Singapore Exchange on Wednesday morning (July 25).

Fincantieri, whose 25 cents per Vard share offer is now unconditional, controlled 87.06 per cent of the company as at 5pm on Tuesday.

About 96 per cent of votes cast at an extraordinary general meeting of Vard shareholders on Tuesday were in favour of delisting, which is estimated to take place about two to three weeks after the closing of the offer. Vard said shareholders should note that approving the delisting resolution does not constitute acceptance of the exit offer.

Trading of Vard shares resumes on Wednesday.