Moratti Family Sells 35% Stake in Saras Refinery to Vitol
The Moratti family, owners of a major Italian oil refiner, Saras, have agreed to sell a 35% stake to global commodity trading giant Vitol in a deal valued at €1.7 billion ($1.83 billion). This signifies a 10% premium over the recent share price and grants Vitol an option to further acquire up to 5% of Saras.
Moratti family sells 35% stake in Saras to Vitol for €1.7 billion, valuing the company at €1.83 billion.
Deal represents a 10% premium over Saras' February 6th share price.
Vitol holds an option to purchase an additional 5% stake in Saras.
Saras operates a single-site refinery in Sardinia with a capacity of 300,000 barrels per day, serving as a key oil product supplier to Italy and Europe.
Upon completion, Vitol will take over the Moratti family's entire stake, triggering a mandatory tender offer for remaining Saras shares.