Rosneft's takeover bid for 7,3% of Saras is expected in June. “It should be concluded between the end of June and the beginning of July”, explained the chairman Gian Marco Moratti during the meeting for the approval of the financial statements with 68,84% of the share capital present.
The Moratti family has sold 13,7 percent of the group to the Russian Rosneft which will launch a partial voluntary takeover bid on another 7,3 percent of the listed capital. The prospectus for the takeover bid must be presented by May 6, then Consob has 15 days to approve and then the offer can start.
Moratti underlined that the "Russians are at 21% and, for now, things are fine for us and for them". The president and CEO of Rosneft Igor Ivanovich Sechin will join the board of directors of the group in place of Mario Greco, CEO of Generali who recently left the board. The co-optation will arrive in the board of directors on May 14th.
On the sidelines of the meeting Moratti underlined that Sechin proved to be very kind, malleable and respectful and the relationship is extremely "friendly". The president of Saras underlined that the fact that Sechin has asked to join the board is "a very important point of arrival for us". Sechin will not have offices, and according to what Moratti anticipated, he will not have the vice presidency. Furthermore, for Moratti the joint venture is the focal point on which we work a lot and I am very satisfied with the ideas.
"The Moratti family does not have a magic wand" and "despite what is happening in Europe and in Italy we did not want to give up so much so that it is true that we kept the majority" because "we care about our company - concluded Moratti finally - The fact that the largest crude oil extraction group in the world wanted to enter the capital means that the world of oil always takes us into consideration”.
