ROME (Reuters) – The Italian government has given the conditional green light to Vitol’s plan to take over oil refiner Saras, the global commodities trader said in a statement on Friday.
Saras’ majority shareholder – the Moratti family – announced in February that it had agreed to sell its stake to Vitol, in a deal valuing Saras at 1.7 billion euros ($1.83 billion).
However, the deal was being reviewed by Rome under its so-called “golden power” rules that the government can use to block deals involving companies deemed of strategic importance.
“The Italian Prime Minister’s Office has published a decree on the exercise of special powers containing prescriptions that do not hinder the completion of the transaction,” Vitol said in a statement.
Italy was seeking commitments from Vitol on employment, investments and continuity of supplies.
Italy uses its golden powers in most cases to approve deals with binding conditions aimed at protecting the national interest.
Saras owns the Sarroch plant in Sardinia, which is the largest refinery in the Mediterranean with a capacity of 300,000 barrels per day.
Italy’s market watchdog said in March that Vitol held a 10.4% stake in Saras.
The Moratti family’s entire stake in the refiner will be transferred to Vitol, triggering a mandatory takeover bid for the group’s remaining share capital, with a view to its delisting.
($1 = 0.9314 euros)
(Reporting by Giulia Segreti, editing by Gavin Jones)
