Italy's Fincantieri has offered to buy out all the shares in shipbuilder Vard.
Shipbuilding group Fincantieri, which is listed in Italy and is currently the majority shareholder in Vard, with 55.63% of shares, is offering S$0.24 a share in cash for Vard.
Vard Holdings, which owns Norway-headquarted Vard group, is incorporated in Singapore and listed on Singapore Exchange Securities Trading. Vard's Norway group has about 9000 staff and operates nine shipbuilding facilities, nine in Norway, two in Romania, and one each in Brazil and Vietnam.
Vard develops power and automation systems, deck handling equipment and vessel accommodation solutions and provides design and engineering services to the maritime industry, says Finantieri.
Fincantieri Group has built more than 7000 vessels in its over 230 years history. It has about 19,000 staff and 20 shipyards on four continents.