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Petroplus Jumps in Swiss Trading After Goldman Upgrade

Dec. 2 (Bloomberg) -- Petroplus Holding AG, Europe’s largest independent oil refiner, rose the most in more than a year in Swiss trading after analysts at Goldman Sachs Group Inc. recommended investors buy the stock.

The shares gained 13 percent to 10.93 francs in Zurich, the biggest gain since August 2009. That gives the Zug, Switzerland-based company a market value of 1 billion francs ($1 billion).

“The key drivers of performance for EU refiners will be an increase in the diesel margin and the light-heavy spread,” according to a Goldman research note published today. Petroplus is termed a “favorite pick” due to its “operational leverage.”

Petroplus owns and operates six European refineries and has its main markets in Swizerland, Germany, France, the U.K. and Benelux countries, according to the company’s website.

The stock was previously rated “neutral” by Goldman.

To contact the reporters on this story: Alessandra Migliaccio in Rome at amigliaccio@bloomberg.net; Francesca Cinelli in Milan at fcinelli@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy@bloomberg.net.

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