Vitol Buys Controlling Stake in Saras from Billionaires Moratti

The family of Italian billionaire Massimo Moratti agreed to sell a controlling stake in refiner Saras SpA to the commodities trading giant Vitol Group, in a deal which valued the company at about €1.7 billion ($1.9 billion).

The family reached a deal to sell about 35% of Saras at €1.75/share, according to a statement from the Moratti family. Angelo Moratti, one of Massimo Moratti’s nephews, may also sell his remaining 5% which is linked to a collar derivate contract.

The commodity trading giant will then launch a takeover bid for the remaining Saras shares. Bloomberg News first reported ...