VItol Group to buy 35% stake in Saras
Date
February 23, 2024
Type
M&A Transactions
Subtype
Transaction launched
Countries
Italy
Subsectors
Gas-fired
Onshore Wind
Offshore Wind
Oil-fired
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The Vitol Group has agreed to buy a 35% stake in refiner Saras SpA from a family of Italian billionaire Massimo Moratti. The transaction valued the company at about EUR1.7 billion (US$1.9 billion).
The Moratti family has a 40% holding in Saras, giving them control of the firm. Founded in the 1960s by the family, Saras runs the 300,000 barrels-a-day Sarroch refinery on the island of Sardinia.
The transaction's completion is contingent upon receiving regulatory approvals, notably the golden power granted by the Italian government.
