Saras S.p.A. (SRS.MI)

Italy sets conditions for Vitol's takeover of Saras

Italy's government has given a conditional green light to Vitol's plan to take over oil refiner Saras, the global commodity trader said in a statement on Friday. Saras's controlling shareholder - the Moratti family - said in February it had agreed to sell its stake to Vitol, in a deal valuing Saras at 1.7 billion euros ($1.83 billion). "The Italian Prime Minister's Office issued a decree on the exercise of special powers containing prescriptions that are no obstacle to the completion of the transaction," Vitol said in a statement.