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 euros (US$1.9 billion).
Privately owned Vitol has been banking huge profits over the past few years as first the COVID-19 pandemic and then Russia’s invasion of Ukraine unleashed massive volatility across oil, gas and power markets. With the effect of those shocks now on the wane, Vitol and other cash-rich traders have been on a buying spree, looking to lock in bigger margins longer term.
The Moratti family reached a deal to sell about 35 percent of Saras at 1.75 euros per share, according to a statement from the family. Angelo Moratti, one of Massimo Moratti’s nephews, might also sell his remaining 5 percent, which is linked to a collar derivate contract.
Photo: AFP
Vitol, known as the world’s largest independent oil trader, will then launch a takeover bid for the remaining Saras shares.
Vitol has been acquiring stakes in refineries and retail fuel networks, as well as investing in US upstream oil and renewables. The Saras deal will give Vitol a stake in a refinery that feeds into the lucrative Mediterranean market and beyond.
When completed, Vitol will have investments in over 800,000 barrels per day of refining capacity.
“Saras’ business is highly complementary to Vitol’s core operations,” Vitol CEO Russel Hardy said, adding that the refinery was “a key European energy asset.”
The Moratti family has a 40 percent holding in Saras, giving them control of the firm. Massimo Moratti, the chairman and chief executive and a former owner of Inter Milan soccer club, holds 20 percent.
His nephews Gabriele Moratti and Angelo Moratti each own 10 percent via holding companies.
“62 years after my father founded it, together with my nephews, I believe that the best assurance for the future success of the Sarroch refinery is the aggregation with a leading player in the global energy sector, such as Vitol,” Massimo Moratti said in the statement.
Founded in the 1960s by the family, Saras runs the 300,000 barrels-a-day Sarroch refinery on the island of Sardinia. Commodities trader Trafigura Group has about 9.6 percent of the refiner after selling about 4 percent last month.
The refinery is considered relatively advanced, meaning it is able to tweak the crudes it processes and the fuels it makes. It is the largest single-site plant in southern Europe, although Italy’s ISAB facility, which is split into northern and southern sections, is bigger when combined.
Completion of the transaction is subject to regulatory approvals including the Italian government’s golden power procedure, the Moratti statement said.
“This transaction presents an opportunity for Vitol to invest in a high-quality asset, well placed to serve both Italy’s and Europe’s current and future energy needs,” the company said in the statement.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
RSS