Vitol Buys Controlling Stake in Saras from Billionaires Moratti [Financial Post (Toronto, Ontario, Canada)]
SARAS RAFFINERIE UNSP/ADR (SAAFY)
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Source: Financial Post
Author of the article: (Bloomberg) — The family of Italian billionaire Massimo Moratti agreed to sell a controlling stake in refiner Saras SpA to the commodities trading giant Vitol Group, in a deal which valued the company at about €1.7 billion ($1.9 billion). The family reached a deal to sell about 35% of Saras at €1.75/share, according to a statement from the Moratti family. Angelo Moratti, one of Massimo Moratti's nephews, may also sell his remaining 5% which is linked to a collar derivate contract. Article content Article content The commodity trading giant will then launch a takeover bid for the remaining Saras shares. Bloomberg news first reported Vitol's talks with Moratti Feb. 7. The Moratti family has a 40% holding in Saras, giving them control of the firm. Massimo Moratti, the chairman and chief executive and a former owner of Inter Milan football club, holds 20%. His nephews Gabriele Moratti and Angelo Moratti each own 10% via holding companies. “62 years af
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