Fincantieri seeks to delist Vard

NOVEMBER 14, 2017 — Fincantieri is proposing to delist its 79.34% owned shipbuilding and design subsidiary Vard from the main board of the Singapore Exchange.

The delisting is subject to, among other things, a delisting resolution being approved at an Extraordinary General Meeting by a majority of at least 75 percent, and not being voted against by 10 per cent or more, of the total number of Vard shares held by shareholders present and voting. If the various conditions are met, Fincantieri will offer the shareholders of Vard Singapore $0.25 in cash for each Vard share tendered in acceptance of the exit offer.

Vard is a major designer and builder of offshore and specialized vessels, with about 9,000 employees and nine shipyards in Norway, Romania, Brazil and Vietnam.

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