(Alliance News) - The Moratti family may drop into the capital of Saras Spa in favor of Swiss-Dutch commodity trading giant Vitol, Milano Finanza reported, citing sources familiar with the matter.

Vitol would put EUR2.2 per share in the oil company in the pot, a 35 percent premium over Thursday's closing price of ERU1.66.

Vitol, however, has let it be known that the offer is valid until Feb. 15, by which time the Morattis should decide whether or not to join. Saras, which controls the large Sarroch refinery in Sardinia, capitalizes EUR1.58 billion, and the Rotterdam-based multinational's proposal would value the entire company active in oil processing at nearly EUR2.1 billion, MF points out.

"The sale of the entire 40 percent stake in the Moratti's portfolio, a package worth more than EUR630 million at current prices, would allow the controlling shareholders to collect nearly EUR837 million. The sale of the entire stake would then trigger a takeover bid on the Milan Stock Exchange," the Milan newspaper writes.

Saras' stock is up 14 percent at EUR1.90 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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