Ficantieri gets the green light to take care of the stock market

96.4% of shareholders voted for the project to take stock of the stock market at the General Assembly in Singapore on Tuesday, while 3.57% voted against it, Vard announced in a stock market announcement.

This means that Fincantieri has for the second time a major obstacle to making Vard a subsidiary of the large Italian group.

Major now misses only a few percent to achieve the following goal – control over 90% of the stock. This will trigger the possibility of forcibly buying back the remaining shares.

In a press release issued last Tuesday, Fincantieri announced that all bid terms of 0.25 singapore per share have been fulfilled. The deadline for accepting the offer is set for August 8, but Fincantieri stresses that this can be extended.

Long-Term Objective

Fincantieri has long sought to put the Vard Group out of stock and to make the company a wholly-owned subsidiary. The clear signal from shareholders is a decisive step on the road.

By breaking up, Vard publishes the exhaustive reporting requirements that accompany the stock market listing. At the same time, the public will have less visibility on the company, which is one of the largest private employers in North West Norway.

The owners indicated that they did not anticipate major changes in the number of employees. Brattvåg, Langsten, Aukra and Søviknes.

Offers in 2016

It was the autumn of 2016 Fincantieri offered all the shares of the group with four yards in Møre og Romsdal.

Since then, the offer has been expanded and extended a number of times. Only in July, the Group obtained ten participations, but the vast majority of them are so small that they represent slight percentage changes.

A quarter of the 2012 Price

The current valuation value of € 0.25 is about 1, 7 billion Norwegian kroner – less than a quarter of the value of the In 2012. Fincantieri bought just over half of the shares of the former STX OSV for 3.34 billion Norwegian kroner, which valued the shipbuilding group at 6.6 billion. was listed on the Singapore Stock Exchange in 2010.