Vitol to buy controlling stake in Saras from Morattis, delist it (updated)
11/02/2024 19:56
(Adds details of the deal, background)
By Francesca Landini
MILAN, Feb 11 (Reuters) - Italy's Moratti family has
agreed to sell 35% of oil refiner Saras SRS.MI to global
commodity trader Vitol at 1.75 euros per share, valuing the
entire group 1.7 billion euros, it said in a statement on
Sunday.
Under certain conditions, Vitol could also buy an additional
stake of up to 5% in the group, which is covered by a derivative
contract signed by one of the members of the family.
Upon closing of the deal, the entire stake owned by the
Moratti family in Saras will be transferred to Vitol, triggering
a mandatory tender offer for the outstanding share capital of
the group.
Vitol will launch the tender offer at the same price per
share of 1.75 euros, which may be adjusted in case of dividend
distribution occurring before the closing of the transaction.
This price represents a premium of around 10% to the
share price before media speculations boosted the stock last
week.
The goal of the mandatory takeover offer is to achieve a
delisting from the Milan Stock Exchange, which may also be
achieved through delisting merger should the required conditions
be met, the Morattis said.
The Italian government will review the transaction under
its golden power regulation aimed at shielding assets deemed of
strategic importance.
Saras' most important asset is the Sarroch plant in
Sardinia, which is the single biggest refinery in the
Mediterranean with a capacity of 300,000 barrels per day.
The geographical location of the plant is particularly
favourable for serving the Mediterranean market.
The Morattis' statement follows an announcement this
weekend by the
Della Valle family
, which said it would team up with L Catterton to take
Italian luxury group Tod's TOD.MI private while preserving a
controlling stake in the company.
Saras and Tod's are set to join to a string of prominent
companies which have abandoned the Milan stock exchange in
recent years due to relocations to other markets or buyouts.
To reverse the trend, Italy's parliament plans to
approve in the next few weeks a package of measures to make the
country's capital markets more competitive.
However, representatives of investment funds and Italy's
financial industry have all voiced concerns that some provisions
in the bill that boost the influence of leading shareholders in
listed companies could
backfire
and discourage foreign investment.
(Reporting by Francesca Landini; Editing by Hugh Lawson and
Giles Elgood)
((francesca.landini@thomsonreuters.com; +39 02 66129437;
Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))