After months of wrangling among various parties the Saras takeover deal is set to happen.
The Moratti family is selling its 35pc shareholding to Vitol for EURO 1.75 a share, which will trigger a mandatory offer from the Switzerland-based Dutch commodity trading house for the rest of the Italian oil refiner at the same price.
So that's not quite the EURO 2.2 a share reported by the Italian newspapers last week!..
So, the Moratti have finally confirmed what loyal readers of this website will have known for quite some time - that talks about a potential deal involving Italian oil refiner Saras are taking place.
Today's statement came after a report in Italian newspaper MF revealed that commodity trader Vitol had offered to buy the Moratti's stake in Saras at EURO 2.2 share.
Below is a the full statement from Saras:..
Loyal Betaville subscribers will know that Saras SpA, the Italy-listed oil refining company, has been on this website's radar for several months (see UNCOOKED Alerts part 1 and part 2).
So, little old Betaville was intrigued to see Trafigura, the Switzerland-based commodity trading group, increase its shareholding in Saras to just below 14pc.
Still watching (wink wink).....