News Post
Rosneft sells stake in refiner Saras for $187 MM
MILAN (Reuters) -- Russia's Rosneft has sold its 12% stake in Italian refiner Saras for 1.53 euros a share, three market sources said on Wednesday, raising around $187 million.
Photo Courtesy of Saras.
Rosneft started reducing its stake in Saras in October 2015, selling a 9% holding.
"Since October 2015 there had been an overhang risk on the (Saras) stock ... which Rosneft's exit is now removing," broker ICBPI said.
At 0933 GMT, Saras shares were down 4% at 1.584 euros. Traded volumes were more than six times the past month's daily average.
The price range for the share placing with investors was between 1.5 euros and Tuesday's closing price of 1.651 euros a share, one of the sources said.
ICBPI said it would raise its recommendation on Saras shares to "neutral" from "sell" if the share price fell to the bottom end of the range.
Russia's biggest oil producer agreed in 2013 to buy 21% of Saras, which is 50% owned by Italy's Moratti family, in a move that was set to strengthen Rosneft's commitment to the Mediterranean area.
A source familiar with the matter said the stake in Saras was now not deemed strategic for Rosneft because there were no real industrial synergies.
The source said the Russian giant was streamlining its various shareholdings in light of a reorganization after commodities trader Glencore and the Qatar Investment Authority bought a 19.5% stake in the company from the Russian state.
Reporting by Stephen Jewkes, Andrea Mandala and Abhinav Ramnarayan; Writing by Valetina Za; Editing by Mark Potter
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