Shares in Saras fall, trade below Vitol's price offer (updated)

Saras SpA

12/02/2024 08:34

(Adds details)
       MILAN, Feb 12 (Reuters) - Shares in Saras  SRS.MI  fell
at open on Monday to trade under the 1.75 euros per share
offered by global commodity trader Vitol to take the Italian oil
refiner private.
        Shares fell 6.3% at 0830 GMT at 1.682 euros each, after
Saras' controlling shareholder, the Moratti family, on Sunday
agreed to sell its stake to Vitol, in a deal valuing the oil
refiner 1.7 billion euros.
    Shares had closed on Friday at 1.79 euros each, up 8% after
the Moratti family confirmed press reports about contacts with
Vitol.
        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. 
  
       The Italian group's 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.
  
        
  
    

 (Reporting by Giulia Segreti and Cristina Carlevaro; Editing by
Valentina Za)
 ((Giulia.Segreti@tr.com; +39.06.80307714;))