Italy’s Government to Demand Commitments from Vitol in $2 Billion Saras Takeover Deal
Italy’s government is set to seek commitments from global commodity trader Vitol as it reviews the company’s plan to acquire oil refiner Saras. The transaction, valued at 1.7 billion euros, will be scrutinized under Italy’s “golden power” rules, which apply to industries deemed strategically important. Rome will focus on job security, investments, and the continuity of supplies when vetting the deal.
Saras, whose controlling shareholder is the Moratti family, has agreed to sell its stake to Vitol. The government’s inquiry, which will begin once the terms of the transaction are notified, is expected to demand similar commitments to those secured in a previous agreement with Cypriot private equity firm G.O.I Energy.
The Moratti family’s entire stake in Saras will be transferred to Vitol as part of the deal, triggering a mandatory tender offer for any outstanding shares and ultimately resulting in the delisting of the company. Saras’ most valuable asset is the Sarroch plant in Sardinia, which boasts the largest refining capacity in the Mediterranean, processing 300,000 barrels per day.
Italy often approves deals under the golden powers framework, but with binding conditions in place to protect national interests. For instance, last November, Prime Minister Meloni’s government blocked the acquisition of the flight control systems division of Collins Aerospace by French group Safran, citing potential threats to national armed forces’ supplies.
The government’s review of the Saras-Vitol takeover deal highlights Italy’s proactive approach to safeguarding strategic industries and ensuring the protection of national assets.
Analyst comment
Neutral news.
As an analyst, it is expected that Italy’s government will review the Saras-Vitol takeover deal under “golden power” rules to safeguard national interests. The government may seek commitments from Vitol regarding job security, investments, and supply continuity. The deal will result in the delisting of Saras and the transfer of the Moratti family’s stake to Vitol. Italy’s proactive approach emphasizes the protection of strategic industries and national assets.
