Russian state-owned oil giant OAO Rosneft (ROSN.RS) Monday said it offered to buy a combined 21% stake in refinery Saras SpA (SRS.MI) for a total 273.5 million euros ($358.3 million), as Russian companies expand into the ailing Italian refining market.
Russian state-owned oil giant OAO Rosneft (ROSN.RS) Monday said it
offered to buy a combined 21% stake in refinery Saras SpA (SRS.MI) for a total
273.5 million euros ($358.3 million), as Russian companies expand into the
ailing Italian refining market.
Rosneft offered to buy 7.3% of Saras at a price of EUR1.37 a share for a total
of EUR94.96 million, said the Russian company in a statement published by
Italian securities' regulator Consob.
The statement also said that Saras' controlling shareholders--the Moratti
family--agreed to sell a 13.7% stake in the Sardinia-based refinery for
EUR178.5 million.
Saras shares were suspended from trading earlier Monday, pending the statement,
at EUR0.96 each, giving the company a total market value of EUR928 million.
Saras is
Italy
's
biggest independent refinery by capacity.
"We believe that this transaction is an important step in building a
long-lasting cooperation between Rosneft and Saras," said Rosneft Chairman
Igor Sechin in a statement issued by the Italian refiner.
The Saras family will keep a 50.02% holding in Saras after its stake sale to
Rosneft, it added.
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