Saras, the Moratti family relinquishes control: the agreement with Vitol values the company at 1.7 billion
The Dutch group takes over the majority stake in the oil company for EUR 1.75 per share and will offer the same amount in the takeover bid it will launch
4' min read
4' min read
The Moratti family sold 35% of Saras to Vitol, exiting the group founded by founder Angelo Moratti. Selling are the holding companies that hold the shares: Massimo Moratti S.a.p.A. of Massimo Moratti, Angel Capital Management S.p.A. ('ACM') of Angelo Moratti (son of Gianmarco Moratti and Lina Sotis) and S.p.A of Gabriele Moratti son of Gianmarco and Letizia Moratti) . ACM has committed to sell to the crude oil trading giant any shares in Saras that ACM might receive under the existing funded collar derivative contract, covering approximately 5% of Saras' share capital.
The transaction takes place at a price of €1.75 per share for a total valuation of €1.7 billion, and in the event that a dividend is approved and distributed by Saras before the transaction's completion date, the price per share will be reduced accordingly. The stock had closed trading on Friday with an 8% rise to EUR 1.8 per share, or EUR 1.73 billion capitalisation, after rumours of the imminent transaction.
"After 62 years since its foundation by my father, with my nephews Angelo and Gabriele, and my sons Angelomario and Giovanni, I felt that the best guarantee for the future success of the Sarroch refinery was the aggregation with a primary industrial operator in the global energy sector, such as Vitol, which has the relational, financial and managerial resources necessary to compete in the current international market context," commented Massimo Moratti, Chairman and CEO of Saras, who added: "Therefore, I believe that this Transaction will be positive for all the shareholders, the employees, the customers and all the other stakeholders, whom I thank for the trust they have always placed in us. Today, Saras is a solid and profitable company, leader in the entire Mediterranean basin, and we wish Vitol the best of luck in expanding the successes achieved so far'.
The Opa on the rest of the capital
.Completion of the transaction is solely subject to obtaining the necessary regulatory approvals: approvals under the European Union's foreign subsidy and competition (antitrust) regulations and Italy's golden power regulation.
Upon completion of the sale, the entire stake held by the Moratti family in Saras will be transferred to Vitol, and a mandatory tender offer on Saras' share capital will be launched by Vitol at the same price of EUR 1,75 per share, or at the adjusted price in case of a dividend distribution before the completion of the transaction. The objective of the tender offer is to obtain the delisting and delisting of Saras' ordinary shares from Euronext Milan, which can also be achieved through a merger if the relevant conditions are met.
