Vitol, through Varas spa, has completed the purchase of the entire stake held by Massimo Moratti, Angel Capital Management and Stella Holding in Saras equal to 35.019% of the capital. The Dutch now hold, directly and indirectly, 45.48% of the capital of the company that manages the Sarroch refinery.
Angelo Moratti, Angelomario Moratti, Gabriele Moratti and Giovanni Moratti have resigned from the board of directors with immediate effect. The Board of Directors co-opted Thomas Baker, Clive Christison, Dat Duong and Ciprea Scolari. Massimo Moratti has relinquished his operational powers but will continue to hold the position of president until the conclusion of the residual offer that Vitol will now launch.
«For me, my children, my grandchildren and my family it is a moment full of emotions linked to the happy, long history together, but which we live with the certainty that the entry of a primary protagonist in the energy sector like Vitol will guarantee the a great future to the company, its employees and the local community", declared Massimo Moratti. «We are aware of our responsibilities and remain committed to investing in the future of Saras», commented Russell Hardy, CEO of Vitol.
As a result of the "closing", Vitol will be required to promote a mandatory public takeover offer on the remaining capital of Saras at a price of 1.75 euros per share.
(Unioneonline)