By Liam Moloney
Russian state-owned oil giant OAO Rosneft (ROSN.RS) Monday said
it offered to buy a combined 21% stake in refinery Saras SpA
(SRS.MI) for a total 273.5 million euros ($358.3 million), as
Russian companies expand into the ailing Italian refining
market.
Rosneft offered to buy 7.3% of Saras at a price of EUR1.37 a
share for a total of EUR94.96 million, said the Russian company in
a statement published by Italian securities' regulator Consob.
The statement also said that Saras' controlling
shareholders--the Moratti family--agreed to sell a 13.7% stake in
the Sardinia-based refinery for EUR178.5 million.
Saras shares were suspended from trading earlier Monday, pending
the statement, at EUR0.96 each, giving the company a total market
value of EUR928 million.
Saras is Italy's biggest independent refinery by capacity.
"We believe that this transaction is an important step in
building a long-lasting cooperation between Rosneft and Saras,"
said Rosneft Chairman Igor Sechin in a statement issued by the
Italian refiner.
The Saras family will keep a 50.02% holding in Saras after its
stake sale to Rosneft, it added.
Write to Liam Moloney at liam.moloney@dowjones.com
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