MILAN, April 15 (Reuters) – Russia’s biggest oil producer Rosneft has agreed to take a stake of up to 21 percent in Italian refiner Saras in a move that will strengthen its commitment to the Mediterranean area.
- Rosneft to buy 13.7 pct of Saras from main Moratti shareholders
- Moratti family to hold 50.02 pct of Saras after sale
- Rosneft to launch public bid on 7.29 pct of Saras
- Saras shares end up 6.7 percent
The deal follows an agreement at the end of last year for the two companies to form a joint venture for trading and processing crude oil and selling refined products.
Rosneft said on Monday that the Moratti family, which controls more than 60 percent of Saras, will sell it a 13.7 percent stake in the Italian refiner for 178.5 million euros.