Vitol approached Italy's Moratti family over Saras stake-source (updated)
09/02/2024 09:48
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ROME, Feb 9 (Reuters) - Global commodity trader Vitol
has approached Italy's Moratti family over the possibility of
buying their controlling stake in oil refiner Saras SRS.MI , a
person close to the matter said, confirming a newspaper report.
Shares in Saras rose 14.6% to 1.904 euros by 0937 GMT,
after Italian daily MF reported that Vitol offered 2.20 euros a
share to buy the Moratti family's 40% stake in Saras SRS.MI ,
valuing the firm at 2.1 billion euros ($2.3 billion).
That compares with a market value of 1.58 billion euros.
But the family, the person said, has diverging views
over the future of the group that operates the
300,000-barrel-per-day Sarroch refinery in Sardinia, one of the
biggest plants in the Mediterranean region.
The offer has a Feb. 15 deadline, MF said.
Vitol said it never comments on market rumours, Saras
declined to comment.
The Moratti family holds just over 40% of Saras through
three holding companies.($1 = 0.9277 euros)
(Reporting by Giulia Segreti, Francesca Landini, editing by
Gavin Jones and Valentina Za)
((Giulia.Segreti@tr.com; +39.06.80307714;))