Vitol buys majority stake in Italian energy company Saras
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Today, Dutch-Swiss commodity trader Vitol announcedthat he agreed with the family of Italian billionaire Massimo Moratti to purchase 35% of the Italian oil refining company Saras. The amount of the deal was not disclosed, but Vitol said that the agreement was signed based on a valuation of the entire company of €1.7 billion.
Vitol is one of the world’s largest independent oil traders, Saras is one of the leading energy and industrial companies in Italy. The company’s largest refinery is located in Sardinia; it processes about 300 thousand barrels of oil per day, supplying fuel and other petroleum products not only throughout Italy, but also to other EU countries.
Saras’ assets include a 575 MW thermal power plant, which supplies 40% of Sardinia’s energy needs. In addition, the company owns 171 MW of wind generating capacity and 593 MW and 79 MW of wind and solar power projects under development, respectively.
After completing the transaction to purchase a controlling stake in Saras, Vitol receives the right to make an offer to purchase the remaining shares of the Italian company. According to Bloomberg50.4% of Saras shares are in free float.
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