Italy Sets Conditions for Vitol's Takeover of Saras
04.26.2024 By Tank Terminals - NEWS

April 26, 2024 [Reuters]- Italy’s government has given a conditional green light to Vitol’s plan to take over oil refiner Saras, the global commodity trader said in a statement on Friday.


Saras’s controlling shareholder – the Moratti family – said in February it had agreed to sell its stake to Vitol, in a deal valuing Saras at 1.7 billion euros ($1.83 billion).

However, the accord was being reviewed by Rome under its so-called “golden power” rules which the government can apply to block deals involving companies deemed of strategic importance.

“The Italian Prime Minister’s Office issued a decree on the exercise of special powers containing prescriptions that are no obstacle to the completion of the transaction,” Vitol said in a statement.

Italy was seeking commitments from Vitol on jobs, investments and continuity of supplies.

Italy uses its golden powers in most cases to approve deals with binding conditions to protect the national interest.

Saras is the owner of the Sarroch plant in Sardinia, which is the single biggest refinery in the Mediterranean with a capacity of 300,000 barrels per day.

Italy’s market watchdog said in March that Vitol held a stake of 10.4% in Saras.

The Moratti family’s entire stake in the refiner will be transferred to Vitol, triggering a mandatory tender offer for the outstanding share capital of the group, with the aim of delisting it.


Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Wood Bags Six-Year Contract on Shell’s Prelude Facility
07.12.2024 - NEWS
July 12, 2024 [Yahoo Finance]- Shell has awarded a six-year contract to engineering company Woo... Read More
Malaysia’s Bintulu LNG Plant to Get First Supplies from Jerun Gas Field
07.12.2024 - NEWS
July 12, 2024 [LNG Prime]- Malaysia’s giant Bintulu LNG plant, operated by Petronas, will soon ... Read More
Rubis Terminal Rebrands as Tepsa, Building on Legacy and Embracing Evolution
07.12.2024 - NEWS
July 12, 2024 [Storage Terminals Magazine]- Rubis Terminal is excited to announce a strategic reb... Read More
Adnoc Awards Abu Dhabi Airport Tank Farm Project
07.11.2024 - NEWS
July 11, 2024 [MEED]- Abu Dhabi National Oil Company (Adnoc) has awarded the main engineering, pr... Read More