Swiss-based Dutch multinational energy company Vitol has agreed to purchase approximately 35% of the shares of the Italian oil refinery company Saras, Vitol announced on Monday.
Under the sales and purchase agreement, Vitol will pay the family of Italian billionaire Massimo Moratti €1.7 billion at a price per share equivalent to €1.75. Provided certain conditions are met, the company will have the right to obtain about 5% of Saras's corporate capital.
The company also declared that the price per share will be lowered if Saras completes and pays the dividend distribution prior to the transaction's closing date.
Upon the closing, the entire stake owned by the Moratti family in Saras will be transferred to Vitol, which will then trigger Vitol to hold a mandatory tender offer for the outstanding share capital of Saras Vitol at €1.75 per share.
“Sixty-two years after my father founded it, together with my nephews Angelo and Gabriele and my sons Angelomario and Giovanni, I believe that the best assurance for the future success of the Sarroch refinery is the aggregation with a leading player in the global energy sector, such as Vitol, with relational, managerial and financial resources needed to compete in the current international market environment,” Massimo Moratti, chairman and CEO of Saras, said.
“We appreciate the significance of Saras within Sardinia and the country more broadly and are committed to continuing the Moratti family’s legacy of diligent stewardship, safe operations and support for the local community and employees,” Russell Hardy, CEO of Vitol, was quoted as saying in the statement.
'Saras’s business is highly complementary to Vitol’s core operations, and this transaction will strengthen European energy security and enhance supply for a key European energy asset,” he added.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr