Deals
Vitol Boosts Mediterranean Presence With Saras Refiner Deal
- Vitol to launch takeover bid valuing refiner at €1.7 billion
- Vitol to pay €1.75/share for Saras to Morattis before full bid
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Vitol Group agreed to buy a controlling stake in refiner Saras SpA from the family of Italian billionaire Massimo Moratti, in a deal which will increase the commodities trading giant’s exposure to the lucrative Mediterranean market.
The Moratti family reached an agreement to sell about 35% of Saras at €1.75/share, according to a statement from the family. The deal values Saras at about €1.7 billion ($1.9 billion.)