(Finance) – Vitol has completed the purchase of the entire shareholding held by Massimo Moratti SapA, Angel Capital Management SpA and Stella Holding SpA (collectively the Moratti Family) in Sarasa company listed on Euronext Milan and active in the oil refining and electricity production sector, equal to 35.019% of the share capital. Therefore, Vitol now holds, directly and indirectly, 45.48% of the capital.
“For me, my children, my grandchildren and my family it is a moment full of emotions linked to the happy, long history together, but which we live with the certainty that the entry of a primary protagonist in the energy sector like Vitol will guarantee the A great future for the company, its employees and the local community,” he said Massimo Moratti.
“We are pleased to have completed this important step,” he said Russell Hardy, CEO of Vitol – We look forward to providing our expertise and working with the local management team on this next chapter for Saras. We are aware of our responsibilities, both towards the Company and its stakeholders, and we remain committed to investing in the future of Saras.”
Following the closing, Varas will launch a public takeover offer (OPA) mandatory on capital not currently held.
Angelo Moratti (member of the Policy and Strategy Committee), Angelomario Moratti (member of the Policy and Strategy Committee), Gabriele Moratti (member of the Policy and Strategy Committee), Giovanni Moratti (member of the Policy and Strategy Committee and of the Risk and Sustainability Committee), all of whom are non-executive and non-independent directors of Saras, have resigned, with immediate effect, their duties resignation.
A meeting of the Board of Directors was then held in which the board held appointed by co-optation the following new directors: Thomas Baker (non-executive and non-independent member), Clive Christison (non-executive and non-independent member), Dat Duong (executive and non-independent member) and Ciprea Scolari (non-executive and non-independent member).
Massimo Moratti has relinquished the operational delegations and powers granted to him by the Board of Directors, but will continue to hold the position of president until settlement of the offer.
The Board of Directors also approved the appointment of Franco Balsamo as CEO.