Saras, agreement with Vitol: the Moratti family sells 35% of the shares

Saras becomes Dutch. The Moratti family undertakes to sell shares equal to 35% of Saras’ share capital to the group at a price of 1.75 euros per share

The members of the Moratti family have signed an agreement with Vitol which will lead the latter to control the company active in the industrial and energy sector. Massimo Moratti’s Massimo Moratti, Angel Capital Management (“Acm”) and Stella Holding (collectively the “Moratti Family”) and the Dutch company Vitol have entered into a purchase and sale agreement pursuant to which the Moratti family has undertaken to sell to multinational – which deals with trading of raw materials – Saras shares representing approximately 35% of Saras’ share capital at a price of 1.75 euros per share.

Opa’s goal

Subject to the occurrence of certain circumstances, Acm has undertaken to sell to Vitol any Saras shares that Acm may receive on the basis of the existing funded collar derivative contract, covering approximately 5% of Saras’ share capital. The objective of the takeover bid is to obtain the revocation of Saras ordinary shares from listing and trading on Euronext Milan, which can also be achieved through a merger if the relevant conditions are met. The price of 1.75 euros per share implies a capitalization of Saras of approximately 1.7 billion euros and represents a premium of 10% compared to the price on the reference date.

Saras, a leading company in the industrial sector

Saras is a leading company in the industrial and energy sector based in Italy. Its facilities include the largest single-site refinery in the Mediterranean. Located in an industrial site in Sardinia, the refinery with a capacity of 300 thousand barrels/day supplies petroleum products to Italy and the rest of Europe, while its electricity generation plant has an installed power of 575MW and contributes over 40% of Sardinia’s energy needs.

Renewable energies

Furthermore, Saras has a significant renewables portfolio that includes 171MW of operational wind plants and a pipeline of wind and solar projects of 593MW and 79MW respectively. Vitol has a long history of investing in energy infrastructure around the world, from oil production and refining to renewable energy and CO2 storage.

Moratti: “Positive operation for shareholders”

Massimo Moratti, President and CEO of Saras, declared: “After 62 years since its foundation by my father, with my nephews Angelo and Gabriele and my sons Angelomario and Giovanni, I considered 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, equipped with the relational, financial and managerial resources necessary to compete in the current international market context. Therefore, I believe that this Operation will be positive for all shareholders, for the workers, for customers and all other stakeholders, whom I thank for the trust they have always placed in us”.

The CEO of Vitol: “We appreciate the importance of Saras”

Russell Hardy, CEO of Vitol, said: “We appreciate the importance of Saras in Sardinia, and the country more generally, and are committed to continuing the Moratti family’s legacy of diligent management, safe operations and community support local and employees. Saras’ activities are well complementary to Vitol’s core business and this Transaction will strengthen European energy security and improve the supply of a key plant in the European energy sector.”