The Morattis sell Saras to Vitol: “We guarantee the future of the company”.

The Morattis sell Saras to Vitol: “We guarantee the future of the company”. The stock collapses on the stock market

The Moratti family sells its 35% controlling stake in Saras to Vitol, the Swiss-Dutch oil giant which will proceed with a public offering in Piazza Affari for the acquisition of the remaining capital. After the announcement, the shares of Saras, leader in refining in Europe, collapsed on the stock market: at the opening of the session it dropped 6.57% to 1.677 euros.

An era is coming to an end for the company, which over time has become the third largest player in the Italian oil sector and one of the main industrial companies in the country, particularly in Sardinia. This is what was reported by Corriere della Sera. “After 62 years from the foundation by my father,” announced the president and CEO Massimo Moratti, “together with my nephew Angelo, Gabriele, and my sons Angelomario and Giovanni, I have decided that the best guarantee for the future success of Sarroch refinery would have been the association with an important global industrial player in the energy sector such as Vitol, equipped with the relational resources, financial and managerial resources necessary to compete in the current international market.”

The agreement, worth 1.7 billion euros considering the entire capital, will see the Morattis collect approximately 595 million for the sale of their majority stake. “I believe that this operation will be beneficial for all shareholders, employees, customers and all other interested parties, to whom I am grateful for the trust placed in us over time. Today, Saras is a solid and profitable company, a leader in the Mediterranean,” stated president Massimo Moratti. The agreement involves the sale of the controlling stake of the Moratti family at 1.75 euros per share, with a premium of 3096 compared to the weighted daily volume average of the last 12 months up to 6 February. Once the transaction is completed, the Moratti family's entire stake in Saras will be transferred to Vitol. This will entail the obligation to launch a public takeover bid on Saras' share capitalby Vitol, at the same price per share, or at the updated price in the case of distribution of dividends before completion of the operation.

The process will lead to the delisting of Saras shares from the stock exchange. But what are Saras' financial data? In 2022, the company recorded a turnover of 15.8 billion euros, with a total of 1,576 employees. Among its plants, the largest refinery in the Mediterranean stands out in Sarroch, Sardinia, with a capacity of 300 thousand barrels per day. Vitol, the acquirer, founded in Rotterdam in 1966, has about 40 offices worldwide and reported 2022 revenues of $505 billion. Vitol operates in diverse sectors, from oil to renewable energy to carbon storage, trading 7.4 million barrels per day of crude oil and derivatives and conducting around 6,000 ocean transports per year. Russell Hardy, CEO of Vitol, said: “CWe are committed to continuing the Moratti family legacy by maintaining diligent management, safe operations and support for the local community and employees.

Saras' activities integrate seamlessly into our core business, strengthening European energy security and contributing to the operation of a key plant in the European energy sector.” Several questions remain open regarding the local impact of this change of ownership, but Vitol is committed to reassure local communities. “Our ambition,” added Russell Hardy, “is to invest in a solid Italian energy company, run by autonomous local management and supported by experience and market access of Vitol. We appreciate the importance of Saras in Sardinia and Italy and are committed to maintaining the legacy of the Moratti family.” The conclusion of the agreement is subject to obtaining the necessary regulatory approvals, in particular the Italian legislation on Golden Power, which concerns strategic activities for the country, such as energy. The Moratti family was assisted by BofA Securities and Four Partners Advisory as financial advisors, and by Linklaters Milano as legal advisor. Vitol was assisted by JP Morgan as exclusive financial advisor and by Chiomenti and Weil, Gotshal and Manges as legal advisors.