La Moratti family officially gives up the control of Saras to the Dutch company Vitol. The operation was possible thanks to Varas, Which has exceeded 50% of the capital company of Saras with a public purchase offer, reaching 51,07% of the shares. However, there are still many shares left on the market, and the possibility of a merger is not ruled out.
Vitol exceeds 50% of Saras' capital
Thanks to the takeover bid, Vitol's vehicle has collected subscriptions for over 19 million Saras shares, equal to 2,056% of the share capital. Added to these are the 466 million shares already held, which correspond to 49,015% of the capital of the Moratti energy company. In total, it now holds 51,07% of Saras' share capital, which guarantees it the majority of voting rights in company meetings.
Il deadline to accept the offer is set for 9 August 2024, but, having already exceeded 50%, the membership period will be extended from 20 to 26 August 2024. This will give shareholders an additional opportunity to sell their shares.
Varas aims to fully acquire Saras and, if necessary, proceed with the delisting from the Milan Stock Exchange. As indicated in the offer document approved by Consob, if the takeover bid does not achieve the set objectives, Varas could consider alternatives such as a fusion with Saras.
