Italy to seek jobs, oil supplies commitments on Vitol-Saras deal, sources say
12/02/2024 12:45
ROME, Feb 12 (Reuters) - Italy's government will seek
commitments from Vitol on jobs, investments and continuity of
supplies when vetting the global commodity trader's plan to take
over oil refiner Saras SRS.MI , two sources familiar with the
matter said on Monday.
The Moratti family, Saras' controlling shareholder, said on
Sunday it had agreed to sell its stake to Vitol in a deal
valuing the oil refiner at 1.7 billion euros ($1.8 billion).
Rome will review the transaction under "golden power" rules
for industries deemed of strategic importance such as banking,
energy, telecoms and health.
One of the sources said the government was leaning towards
demanding commitments similar to those agreed last year with
Cypriot private equity firm G.O.I. Energy to back its
acquisition of the then Lukoil LKOH.MM refinery in Sicily.
The government's inquiry will start as soon as the parties
have notified the terms of the transaction.
Prime Minister Giorgia Meloni's office and Vitol were not
immediately available for comment.
Under the deal, the entire stake owned by the Moratti family
in Saras will be transferred to Vitol, triggering a mandatory
tender offer for any outstanding shares.
The buyout aims at delisting the company, the Morattis said
on Sunday.
Saras' most important asset is the Sarroch plant in
Sardinia, which is the biggest plant in the Mediterranean with a
refining capacity of 300,000 barrels per day.
Italy's use of golden powers in most cases results in deals
being approved with binding conditions to protect the national
interest.
Meloni's government last November blocked French group
Safran's SAF.PA planned $1.8 billion purchase of the flight
control systems arm of Collins Aerospace because it could have
threatened supplies to national armed forces.
($1 = 0.9289 euros)
(Reporting by Giuseppe Fonte
Editing by Mark Potter)
((giuseppe.fonte@thomsonreuters.com; +390680307711;))