Vitol S.A. launched mandatory tender offer to acquire remaining 54.52% stake in Saras S.p.A. (BIT:SRS) for ?830 million on June 18, 2024. As part of the offer, 518,486,282 shares will be acquired for ?1.6 per share. Vitol already owned 432,513,718 Shares, representing approximately 45.48%.

Varas Holding, Vitol, Vitol Holding B.V., Vitol Netherlands Coöperatief U.A. and Vitol Holding II SA are deemed to be persons acting in concert with the Offeror pursuant to Article 101-bis, paragraph 4-bis, let. b) of the CFA. As of June 19, 2024, offeror has filed the offer document with Commissione Nazionale per le Società e la Borsa (Consob).

As of June 27, 2024, CONSOB notified the suspension of the time limit for the review period. As of July 5, 2024, CONSOB decided to reopen the above mentioned review period starting from July 6, 2024. The time limit for the review will expire on July 12, 2024.

As of July 10, 2024, Commissione Nazionale per le Società e la Borsa (CONSOB) approved the deal. The offer period starts on July 12, 2024 and ends on August 9, 2024. As of July 11, 2024, Saras board approved the offer.

Chiomenti Studio Legale and Weil, Gotshal & Manges LLP acted as legal advisor, J.P. Morgan Securities Plc, London, Zweigniederlassung Zürich, UniCredit S.p.A. (BIT:UCG) and Intesa Sanpaolo S.p.A. (BIT:ISP) acted as financial advisor and Georgeson Srl acted as information agent to Vitol S.A.