Fincantieri Offers to Buy Rest of Vard

Italian shipbuilder Fincantieri offered to buy the rest of Singapore-listed Vard Holdings that it does not already own for up to S$125.6 million ($88.7 million), according to a statement on Sunday.

The purpose of the offer is to delist the company from the Singapore Stock Exchange and the offer is conditional upon Fincantieri acquiring more than 90 percent of total Vard shares, Fincantieri said in its statement.

The proposed acquisition of Vard, which has a market capitalization of about $192.3 million, adds to a growing list of take-private deals in Singapore, including ARA Asset Management and massage chair maker OSIM International.

Fincantieri holds an about 55.6 stake in Vard. Vard is one of the largest global shipbuilders of offshore and specialized vessels, with about 9,000 employees and nine shipyards in Norway, Romania, Brazil and Vietnam.

The Italian company is offering S$0.24 per Vard share, a premium of about four percent to the stock's closing price on Friday.