(Alliance News) - Saras Spa announced Friday that, in connection with the prospective acquisition by Vitol BV of a stake representing about 35 percent of the share capital of Saras, the Presidency of the Council of Ministers has issued a decree regarding the exercise of special powers - golden power - "containing prescriptions that do not impede the completion of the transaction."

Therefore, the statement says, one of the related conditions precedent for the completion of the transaction is fulfilled.

Vitol currently holds 99.5 million shares in Saras, representing about 10.5 percent of its share capital.

Upon completion of the transaction, Vitol will hold approximately 45.5 percent of Saras' share capital plus any additional shares purchased in the interim and will launch a mandatory tender offer for the outstanding share capital.

The mandatory tender offer will be at the same price per share as the transaction, or EUR1.75, possibly adjusted downward to account for any dividend distributions.

Saras closed Thursday in the red by 0.3 percent at EUR1.77 per share.

By Chiara Bruschi, Alliance News reporter

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