ROME (Reuters) – Italy’s government has given a conditional green light to Vitol’s plan to take over oil refiner Saras, the global commodity trader said in a statement on Friday.
Saras’s controlling shareholder – the Moratti family – said in February it had agreed to sell its stake to Vitol, in a deal valuing Saras at 1.7 billion euros ($1.83 billion).
However, the accord was being reviewed by Rome under its so-called “golden power” rules which the government can apply to block deals involving companies deemed of strategic importance.
“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 in a statement.
Italy was seeking commitments from Vitol on jobs, investments and continuity of supplies.
Italy uses its golden powers in most cases to approve deals with binding conditions to protect the national interest.
Saras is the owner of the Sarroch plant in Sardinia, which is the single biggest refinery in the Mediterranean with a capacity of 300,000 barrels per day.
Italy’s market watchdog said in March that Vitol held a stake of 10.4% in Saras.
The Moratti family’s entire stake in the refiner will be transferred to Vitol, triggering a mandatory tender offer for the outstanding share capital of the group, with the aim of delisting it.
($1 = 0.9314 euros)
