Italian shipbuilder Fincantieri is looking to take Singapore-listed offshore vessel building arm Vard private.

Fincantieri is offering SGD0.24 per share for the 44.37% of Vard’s shares that it does not already own. Offer represents a 4.35% premium over Vard’s last traded share price and a 24.35% premium over the three-month variable weighted average.

It is not the first time that Fincantieri has tried to take Vard private. When it initially bought a majority 50.75% stake in the then STX OSV in 2013 the Italian shipbuilder launched a takeover offer at SGD1.22 per share which won the acceptance of just 4.88% acceptance from shareholders.

“The offeror has long been convinced of a strong business rationale in fully integrating the company within the Fincantieri Group,” it said in the latest offer statement.

“Such business rationale has only become stronger in the context of the current unfavourable oil & gas market conditions. The offeror believes that privatising the company will provide the offeror and the company with more flexibility to manage their respective businesses and optimise the use of their resources.”

Vard is headquartered in Norway and listed on the Singapore Exchange. It has about 9,000 employees with nine shipyards – five in Norway, two in Romania, one in Brazil, and one in Vietnam. It specialises in building offshore vessels and more recently has diversified into the cruise and aquaculture sectors.

Source: seatrade-maritime.com