Italy sets conditions for Vitol's takeover of Saras
26/04/2024 08:00
ROME, April 26 (Reuters) - Italy's government has given
a conditional green light to Vitol's plan to take over oil
refiner Saras SRS.MI , the global commodity trader said in a
statement on Friday.
Saras's controlling shareholder - the Moratti family - said
in February it had agreed to sell its stake to Vitol, in a deal
valuing Saras at 1.7 billion euros ($1.83 billion).
However, the accord was being reviewed by Rome under its
so-called "golden power" rules which the government can apply to
block deals involving companies deemed of strategic importance.
"The Italian Prime Minister's Office issued a decree on the
exercise of special powers containing prescriptions that are no
obstacle to the completion of the transaction," Vitol said in a
statement.
Italy was seeking commitments from Vitol on jobs,
investments and continuity of supplies.
Italy uses its golden powers in most cases to approve deals
with binding conditions to protect the national interest.
Saras is the owner of the Sarroch plant in Sardinia, which
is the single biggest refinery in the Mediterranean with a
capacity of 300,000 barrels per day.
Italy's market watchdog said in March that Vitol held a
stake of 10.4% in Saras.
The Moratti family's entire stake in the refiner will be
transferred to Vitol, triggering a mandatory tender offer for
the outstanding share capital of the group, with the aim of
delisting it.
($1 = 0.9314 euros)
(Reporting by Giulia Segreti, editing by Gavin Jones)
((Giulia.Segreti@tr.com; +39.06.80307714;))