Saras dips after Vitol agrees to buy 35% stake
12/02/2024 08:59
** Shares in Italy's Saras SRS.MI fall as much as 7.3%
after Moratti family has agreed to sell 35% of oil refiner to
global commodity trader Vitol for 1.75 euros/shr
** By 0832 GMT the stock is down 5.8% at 1.69 euros, below
the 1.75 euros per share offered by Vitol
** Upon closing of the deal, Vitol will launch a mandatory
tender offer for the outstanding share capital of the group at
the same price of 1.75 euros
** The price in the mandatory tender offer may be
reduced accordingly in case Saras resolves and pays a dividend
before the closing of the transaction
** Investors are selling because the offer price of 1.75
euros already includes the dividend, a Milan-based trader says
** The stock closed at 1.79 euros on Friday, up 8% after
media speculations had already lifted the stock
(Reporting by Romolo Tosiani, Giancarlo Navach)
((Romolo.Tosiani@tr.com))