Rosneft agreed to sell 8.99% interest in Saras S.p.A.

abarrelfullabarrelfull wrote on 28 Oct 2015 06:44
Tags: europe italy refinery rosneft saras

Latest News

{"module":"feed\/FeedModule","params":{"src":"http:\/\/\/feed\/pages\/pagename\/blog%3A_start\/category\/blog\/limit\/10\/t\/My+Blog","limit":"3","module_body":"* %%linked_title%%"}}
  • Want a weekly review of refining news?

Rosneft JV Projects S.A. (Luxembourg), an indirect subsidiary of Rosneft Oil Company, has agreed to sell to institutional investors 85,481,816 ordinary shares in Saras S.p.A., representing approximately 8.99% of the total share capital in Saras S.p.A., at a price of EUR 1.90 per share, through an accelerated bookbuilt offering (the Offering). The share sale was closed at a premium of over 38% to the initial purchase price and is an example of efficient portfolio management and optimization program of Rosneft.

Rosneft will retain a 12% interest in Saras S.p.A. and the corresponding membership in the Board of Directors of Saras S.p.A.

In connection with the Offering, Rosneft JV Projects S.A. has undertaken not to dispose of any additional shares in Saras S.p.A. for a period of 180 days following completion of the Offering, subject to customary exceptions.

UBS acted as a bookrunner of the accelerated bookbuilt offering.

Rosneft’s partnership with Italian companies is a strategic one and it covers all business dimensions of the Company: exploration and production, refining, logistics and commerce of oil products, marketing of petrochemicals. The Company highly appreciates potential of the European downstream market and actively cooperates with the Italian partners in the area of oil supplies.

Related News

{"module":"feed\/FeedModule","params":{"src":"http:\/\/\/feed\/pages\/pagename\/blog%3A_start\/tag\/refinery\/category\/blog\/limit\/10\/t\/My+Blog","limit":"3","module_body":"* %%linked_title%%"}}

Looking for information on the Refining sector?

Unless otherwise stated, the content of this page is licensed under Creative Commons Attribution-ShareAlike 3.0 License