Italy’s Moratti family confirmed on Friday that they were in contact with global commodity trader Vitol over the future of oil refiner Saras, in which they own a controlling stake.
In response to a newspaper report saying that Vitol had offered 2.20 euros a share to buy the family’s 40% stake, the Morattis said the published details were wrong, without elaborating further.
Two sources with knowledge of the matter told Reuters the price indicated in the report by Italian daily MF was incorrect.
The family added that they would also consider possible initiatives to protect their interests and those of Saras, although they did not say what those could be.
Shares in Saras pared gains after the statement but were still up 10.8% at 1.84 euros at 1418 GMT.
The stock had jumped as much as 14% in early trading on the report about potential interest in Saras, which operates the 300,000-barrel-per-day Sarroch refinery in Sardinia, one of the biggest plants in the Mediterranean.
Shares in Saras closed at 1.66 euros on the Milan bourse on Thursday, giving the company an overall value of just under 1.6 billion euros ($1.72 billion).
Vitol – the world’s largest oil trader, with 7.4 million barrels a day traded – said it never comments on market rumours.
Under Italian laws, the purchase of a 40% stake would trigger a mandatory takeover bid.
The acquisition of the refiner by a foreign investor would also need to be approved by the Italian government under the so-called golden powers aimed at shielding strategic assets.
A source told Reuters the family has diverging views over the future of the group.
Like several other dynasties in Italy, where businesses are largely family-owned, the Morattis face succession issues as new generations confront the legacy of the entrepreneurs who built their fortunes after the Second World War.
Saras was founded in 1962 by the late Angelo Moratti, also well-known in Italy for being the owner and president of top flight Serie A soccer club Inter Milan when the club won two European cups in a row.
Angelo’s son Massimo, 78, is the chairman and the chief executive of the group and owns 20% of the refiner. He also served as president of the Inter Milan soccer club.
A further 20% of Saras is owned, in two equal parts, by the founder’s grandsons Angelo and Gabriele through two separate family holdings.
Vitol’s competitor, Geneva-based Trafigura, currently owns 9.6% after reducing its stake in January.
Source: Reuters.com