The sale of 35% of Saras to Vitol , announced on 11 February, is proceeding, an operation that will lead to the exit of the Moratti family from the oil group founded by the founder Angelo Moratti.

The Government , in fact, will not exercise the golden power : as stated in a note from Saras, on behalf of Vitol, the Presidency of the Council of Ministers has issued a decree regarding the exercise of special powers containing " prescriptions that do not impede the completion of the operation ".

Obtaining the decree is one of the necessary regulatory authorizations on which the completion of the operation is conditioned , therefore one of the relevant conditions precedent for completion is fulfilled.

To date, Vitol holds approximately 10.461% of Saras' share capital. At closing, Vitol will hold approximately 45.48% (plus any additional shares purchased in the meantime) and will launch a mandatory takeover bid (OPA) on the outstanding share capital.

The mandatory takeover bid will be at the same price per share as the operation, i.e. 1.75 euros, possibly adjusted downwards to take into account any dividend distributions.

(Unioneonline/vl)