Saras passes from Moratti to Vitol: government he will not exercise golden power. A note released by Saras on behalf of Vitol reveals that the Presidency of the Council of Ministers issued a decree with "prescriptions that do not hinder the completion of the deal", thus deciding not to use its "special power". This means that one of the key conditions for the success of the operation has been met.
The Moratti family thus leaves the oil group founded by their founder Angelo Moratti, in the province of Cagliari, giving way 35% of the shares to the Swiss-Dutch company Vitol. Thanks to the government decree, the operation can proceed smoothly, paving the way for a new phase for Saras. Currently, Vitol holds 10,461% of the shares, but at the end of the operation it will rise to 45,48% (plus any additional shares purchased in the meantime), as well as starting amandatory takeover bid for the remaining shares, al price of 1,75 euro each (this implies a capitalization of Saras of around 1,7 billion euros), with the possibility of adjusting the price based on the dividends distributed. The objective of the takeover bid is to obtain the revocation of Saras ordinary shares from listing and trading on Euronext Milan. As part of the deal, the Morattis will receive over 582 million euros.
Il title is traveling positively on the stock market, gaining 0,68% to 1,78 euros per share (in line with sales values).
The government approves the sale of 35% of Saras to Vitol: what happens now?
The story began on February 20, when Consob revealed that Vitol acquired 4,6% of the shares of the Moratti company through Angel Capital Management. On February 11th, the famiglia Moratti has signed a sales contract with Vitol, committing to sell 35% of Saras shares. This operation involves various branches of the Milanese oil family, which, through three: holding, hold a total of 40% of Saras: Massimo Moratti knows, led by the former president of Inter, who owns 100% of the company, with 50% in bare ownership assigned to his sons Angelomario and Giovanni; Angel Capital Management, by Angelo Moratti, son of Gian Marco Moratti and Lina Sotis; And Stella Holding, by Gabriele Moratti, born from the second marriage of Gian Marco Moratti with the former minister and mayor of Milan Letizia Moratti.
In addition, based on certain conditions, Angel Capital Management has also agreed to sell 5% of Saras, the subject of a loan guaranteed with a funded collar derivative contract, stipulated with Bank of America in February 2023. This will result in further proceeds of 47,5 million euros for Angelo Moratti's holding company.
Saras currently has 1.576 employees and reported a turnover of 15,8 billion euros in 2022.
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