Vitol's tender offer to delist Italy's Saras starts on July 12
By Francesca Landini
MILAN, July 11 (Reuters) -A mandatory tender offer by global commodity trader Vitol on Italian oil refiner Saras SRS.MI will start on July 12 and end on August 9, a financial vehicle for Vitol said on Thursday.
Italian market watchdog Consob late on Wednesday approved the prospectus for the bid, under which Vitol's financial vehicle Varas aims to buy 54.52% of Saras share capital to delist the refiner, Varas said.
Varas will offer 1.6 euros per Saras share, a price deemed fair by the board of directors of the refiner, Saras said in a separate statement.
Saras' most important asset is the Sarroch plant in Sardinia, which is the single biggest refinery in the Mediterranean with a capacity of 300,000 barrels per day.
The geographical location of the plant is particularly favourable for serving the Mediterranean market.
In February Swiss commodity trader Vitol agreed to buy 35% of the oil refiner from Italy's Moratti family at 1.75 euros per share, valuing the entire group at 1.7 billion euros ($1.85 billion).
In recent months, Vitol has increased its stake in Saras to 45.48%.
The bid price has been adjusted to take into account the payment of a dividend equal to 0.15 euros per share on 2023 results.
Italy's government has given a conditional green light to Vitol's plan to take over the oil refiner.
In another deal in the Italian energy sector, Vitol-sponsored company VTTI is set to get a 70% stake in Italy's biggest liquefied natural gas (LNG) terminal with the country's gas grid operator Snam SRG.MI owning the rest.
($1 = 0.9198 euros)
Reporting by Francesca Landini; Editing by Alexandra Hudson
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