Saras Gains Most in Nine Months as Rosneft Buys Stake at PremiumAlessandra Migliaccio
Saras SpA, the Italian oil refiner that turned unprofitable last year, rose the most in nine months in Milan trading after OAO Rosneft bought a stake at a premium.
The shares jumped as much as 11 percent, the biggest intraday gain since June 29. Trading volumes were more than seven times the three-month daily average.
Rosneft, Russia’s biggest oil producer, bid 1.37 euros a share for 7.3 percent of the company through its Rosneft JV Projects subsidiary, it said in a statement. That’s a premium of 47 percent to the average share price over the past 20 days.
Rosneft also said it will buy a further 13.7 percent of Saras from controlling shareholder Angelo Moratti Sapa, Chairman Gian Marco Moratti and Chief Executive Officer Massimo Moratti for 178.5 million euros ($233.7 million). Angelo Moratti Sapa will retain a 50.02 percent stake in the refiner after the sale.
Refiners in Europe are increasingly teaming up with crude producers as falling fuel demand, economic stagnation and rising Brent oil prices squeeze profits. Milan-based Saras, which had a 90.1 million-euro net loss last year, agreed in December to form a 50-50 venture with Rosneft to process crude and sell products.
Saras traded up 7.3 percent at 1.047 euros as of 4:13 p.m. Milan time, valuing the company at 995.7 million euros.