Rosneft to Take a 21% Stake in Italian Refiner Saras

Russia's Rosneft will purchase over 69 million shares of Italy's Saras for an overall value of €94.9 million (€1.37 per share), said Rosneft in a press release about the partial public tender offer promoted by the Russian company on the ordinary shares of the Italian company.

As a consequence, Rosneft will come to hold 20,99% of the corporate capital of Saras, a leading operator in the European refining sector.

The acceptance period of the tender offer has ended on June 14, and the consideration will be paid by Rosneft on June 19.

Russian oil company Rosneft and Italian refiner Saras could be interested in buying the Italian petrol distribution network Royal Dutch Shell is thinking of selling, reported Reuters on May 15, adding that Rosneft agreed to take a stake of up to 21% back in April.

Saras, with marketing activities in Italy and Spain, is controlled by the Moratti family. It represents nearly 15% of Italy's total refining capacity.