Vitol Considers Acquisition of Moratti Family’s Stake in Saras Oil Refiner

The report indicated that Vitol has proposed a price of 2.20 euros per share to purchase the Moratti family's 40% stake in Saras (SRS.MI), thereby valuing the company at 2.1 billion euros ($2.3 billion).

Global commodities trader Vitol has made an approach to the Moratti family of Italy regarding the potential acquisition of their controlling stake in the oil refiner Saras (SRS.MI), a source close to the situation confirmed, in line with a report in a newspaper.

Following the report in the Italian daily MF, shares in Saras experienced a significant increase of 14.6% to reach 1.904 euros by 0937 GMT.

The report indicated that Vitol has proposed a price of 2.20 euros per share to purchase the Moratti family’s 40% stake in Saras (SRS.MI), thereby valuing the company at 2.1 billion euros ($2.3 billion).

This offer contrasts with the company’s market value of 1.58 billion euros.

However, according to the source, there are differing opinions within the Moratti family concerning the future direction of the company, which operates the Sarroch refinery in Sardinia, boasting a capacity of 300,000 barrels per day and ranking among the largest facilities in the Mediterranean region.

The report by MF indicates that there is a deadline for the offer set for Feb. 15.

While Vitol has stated its policy of not commenting on market speculation, Saras has chosen not to provide a comment.

The Moratti family currently holds slightly over 40% of Saras through three holding companies. ($1 = 0.9277 euros)