Saras for sale, the Morattis are tempted: “There are ongoing discussions”

Saras for sale, the Morattis are tempted: “There are ongoing discussions”

Rome – After Priolo, it’s Sarroch’s turn. In less than a year, the two main refineries in Italy could change hands. The first episode is from last May, when the Cypriot group Goi Energyallied with the Swiss multinational raw materials company Transfigure, took over the ISAB plants in the province of Syracuse for 1.5 billion. The second operation, at the moment, is still in the negotiation phase, although very advanced: the sale of Sarasa company listed on the stock exchange and controlled since its foundation in the 1950s by Moratti family. Yesterday, following rumors, the company admitted that “there are ongoing discussions” with Vitola commodity giant founded in 1966 in Holland and one of the main operators in oil trading.

The operation could be closed shortly and discussions are underway within the two branches of the Moratti family, the first represented by Massimo, former owner of Inter and currently president of Saras, and the other by his nephew Angelo, son of Gianmarco (died in 2018). For some time, Saras consultants have been working to find, if not a buyer, at least a partner to support the family with a view to a complete exit from the capital. In his time, the Russian oil group Rosneft had risen to 20% of the capital, only to then liquidate the share when the political climate between Western countries and Moscow became complicated.

According to financial sources, also in this case Massimo Moratti – who feels the most invested in carrying on the business created by his father Angelo – would prefer a two-phase entry, while other family members would be in favor of the immediate sale of 40% of shares in the company listed on the stock exchange. Again according to rumours, Vitol’s proposal would value the company at over 2 billion euros (over 800 million would go to the Morattis). Even the market believes it, given that the stock closed yesterday with a jump of 8%.

Also comforting investors is the fact that Vitol is about to conclude another important operation in Italy: it could soon take control of Rovigo regasification terminaloffered for sale by Qatar and ExxonMobilewhere he would find himself a member of the Snam group.

But the operation is also making Inter fans dream: Massimo Moratti would have the resources to take back – perhaps not alone – the Nerazzurri club, looking for a buyer given Steven Zhang’s financial difficulties.

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