The Moratti family confirms that it has ongoing "discussions" with the Dutch Vitol for the possible sale of the 40% stake in Saras, owner of the Sarroch refinery. Two days after the first press rumors, the heirs of the founder Angelo Moratti themselves came out, denying however the hypothesized figure of 2.2 euros per share.
The stock market reacts with conviction, pushing the stock up to almost 2 euros (+18.1% to 1.96 euros), and then closing it with an increase of 8% at 1.79 euros. In fact, with the possible change of hands the obligation for the buyer to take a takeover would be triggered and the market would sense the deal.
According to the reconstructions that were the subject of the denial, they would be in favor of selling Angelo and Gabriele Moratti, the two sons of Gian Marco, who passed away in 2018, by Lina Sotis in his first marriage and by Letizia Moratti respectively. Both have a 10% stake through Angel Capital and Stella Holding.
However, former Inter president Massimo Moratti, brother of Gian Marco, owner of 20% through the homonymous Sap, appears doubtful. The hypothesized figure is certainly attractive, with a 35% premium on the closing at 1.66 euros on 8 February. The result is a valuation of Saras, owner of the Sarroch refinery, of 2.1 billion, while just two days ago it was worth 1.58 billion.
The proceeds would therefore be 837 million for the Morattis, who would have until February 15th to decide.
That something is moving in the galaxy of Angelo Moratti's heirs is no mystery. Rumors of a divestment by the family are periodic and in the meantime the minority shareholder Trasfigura, which had reached 15% last November, has reduced its stake to the current 9.59%.
As for the Morattis, however, the shareholder agreement between Massimo and his nephews Angelo and Gabriele was renewed in March 2020 and will expire on June 30th. The moment therefore appears propitious to present an offer and Vitol seems to have set its sights on Italy. With a turnover that has reached 500 billion dollars (463.65 million euros), as well as Saras, it has ongoing negotiations with Exxon and Qatar Energy to enter the Rovigo regasification terminal. The share put up for sale, in this case, is 92%, but Snam has a right of first refusal to increase from 7.5% up to 30%.
(Unioneonline)