Members of the Moratti family have entered into an agreement for the sale of approximately 35% of Saras to the Dutch Vitol. On the basis of the agreement, the Moratti family (which owns 40% of the shares) has undertaken to sell the shares to Vitol at a price of 1.75 euros each. A historic turning point for the Sarroch refinery, which changes hands 62 years after its foundation.
The note
«The completion of the operation», we read in a note, «is exclusively subject to obtaining the necessary regulatory authorizations. Upon completion of the operation, the entire stake held by the Moratti family in Saras will be transferred to Vitol. The operation will lead to the emergence of an obligation to promote a mandatory takeover bid on Saras' share capital, which", it is explained, "will be promoted by Vitol at the same price per share, or at the adjusted price in the event of distribution of a dividend before the completion of the transaction".
«The objective of the takeover bid», continues the note, «is to obtain the revocation of Saras' ordinary shares from listing and trading on Euronext Milan, which can also be achieved through a merger in the presence of the relevant conditions. The price of 1.75 euros per share implies a capitalization of Saras of around 1.7 billion euros."
Moratti and buyers
«After 62 years from its foundation by my father, with my nephews Angelo and Gabriele and my sons Angelomario and Giovanni, I considered that the best guarantee for the future success of the Sarroch refinery was the aggregation with a primary industrial operator in the global energy sector, such as Vitol, equipped with the relational, financial and managerial resources necessary to compete in the current international market context": this was stated by Massimo Moratti, president and CEO of Saras, commenting on the agreement. «Therefore I believe that this operation will be positive for all the shareholders, for the workers, for the customers and all the other stakeholders, whom I thank for the trust they have always placed in us.
