Italy’s Moratti Family Approached About Sale of Saras Stake
(Bloomberg) — The family of Italian billionaire Massimo Moratti has been approached by potential buyers of a stake in Saras SpA, owner of the largest single-site oil refinery in southern Europe, people with knowledge of the matter said.
Among those involved in the discussions are Vitol Group, the commodities trading giant, the people said, asking not to be identified because the conversations remain private.
Representatives for Saras, Vitol and the Moratti family declined to comment.
Saras shares rose as much as 5.2% in Milan trading, valuing the company at more than €1.6 billion ($1.8 billion).
The Moratti family’s 40% holding is worth about €625 million ($673 million) at current prices, 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 owns 10% via holding companies.
The industrial clan has in place a shareholders pact that is set to expire in June, fueling interest by potential buyers, the people said.
“It is possible that investors are likely to attach again an M&A premium to the shares,” Mediobanca analyst Alessandro Pozzi wrote in a note to clients Thursday. “It could potentially suit an industrial player, seeking to retain more control along the downstream value chain.”
BI’s take: Potential Interest In Saras Underscores Margin Resilience: React
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% of the refiner after selling about 4% 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.
The potential interest in the stake “underscores the favorable position of the Italian refiner amid a normalizing, yet still healthy, margin environment,” Salih Yilmaz, an analyst at Bloomberg Intelligence, said in a note Thursday.
–With assistance from Dinesh Nair, Archie Hunter, Sonia Sirletti and Antonio Vanuzzo.
(Updates with shares and investors pact from fourth paragraph)
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