The Italian government has given the go-ahead to Vitol’s $1.8bn takeover of refiner and charterer Saras.
The trader said no objection was raised by the Prime Minister’s Office, although the government is retaining the “golden power” to block the deal at any point should circumstances change. The golden power is used in cases of national interest.
“The Italian Prime Minister’s Office issued a decree on the exercise of special powers containing prescriptions that are no obstacle to the completion of the transaction,” Vitol said.
Italy has sought commitments on jobs, investments and continuity of supplies, Reuters reported.
Shipowner and charterer Vitol said it now holds 10.5% of Saras.
This would rise to 45.5% when it buys the controlling Moratti family's 35% stake at €1.75 ($1.88) per share.
The group will then launch a mandatory offer for the rest of Saras at the same price. The goal is to delist the Italian company from the Milan Stock Exchange.
The offer price is 7% above the average price over the month before the February offer was announced.
Largest single-site refinery in the Med
Saras’ big asset is the largest single-site refinery in the Mediterranean, at Sarroch in Sardinia.
The 300,000 barrel per day plant supplies products to Italy and the rest of Europe.
Saras also has a chartering arm, a power plant and a renewables portfolio comprising 171 MW of operational wind assets and a pipeline of 593 MW of wind projects and 79 MW of solar.
Vitol said it has a long history of investing in energy infrastructure around the world, from oil production and refineries to renewables and carbon capture.
“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,” it added.
Saras was founded in 1962 by Angelo Moratti.
Vitol will have investments in more than 800,000 bpd of refining capacity across seven sites when the deal goes through.
