The sale of 35% proceeds Of Saras to Vitolcommunicated on February 11, operation which will lead to the exit of the Moratti family from the oil group founded by the founder Angelo Moratti.
The GovernmentIndeed, he will not exercise golden power: as stated in a note from Saras, on behalf of Vitol, the Presidency of the Council of Ministers issued a decree regarding the exercise of special powers containing «requirements that do not prevent the completion of the operation».
Obtaining the decree is one of necessary regulatory authorizations on which the completion of the operation is conditionaltherefore one of the relevant conditions precedent for the completion is fulfilled.
To date, Vitol holds approximately 10.461% of Saras’ share capital. At closing, Vitol will hold approximately 45.48% (plus any additional shares purchased in the meantime) e will launch a public takeover bid (Obligatory takeover bid) on outstanding share capital.
The mandatory takeover bid will be at the same price per share as the operation, i.e. 1.75 euros, possibly adjusted downwards to take into account any dividend distributions.
(Unioneonline/vl)
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