Fincantieri falls short on STX OSV takeover

Fincantieri's mandatory cash offer for STX OSV has failed to attract shareholders, gaining just 4.88% acceptance.

The Italian shipbuilder's 598,851,000 share purchase on 23 January 2013 represented a 50.75% stake in the company; the extra 57,620,268 shares from the mandatory offer takes Finantieri's total stake to 55.63%.

The predictably low uptake of the offer comes after shareholders were advised to reject the offer of SGD1.22 per share by financial advisors and directors alike.

Following the acquisition in January, STX OSV was rebranded as VARD.

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