Rosneft (ROSN.L) announced that Angelo Moratti S.a.p.a., Gian Marco Moratti, and Massimo Moratti executed with Rosneft JV Projects S.A., an indirect 100% subsidiary of Rosneft, a sale and purchase agreement for the sale to such purchaser of 130.29 million shares of Saras S.p.A., which represents about 13.70% of the issued share capital of Saras S.p.A. and about 21.5% of the aggregate stake of the sellers, for a total consideration of 178.50 million euros.
Gian Marco Moratti and Massimo Moratti will sell all of the shares personally held in Saras S.p.A. equal to 6.00 million each. As a result of the transaction, which will be completed on April 23, 2013, Angelo Moratti S.a.p.a. will retain a controlling stake in Saras S.p.A. equal to about 50.02%.
Rosneft JV Projects S.A said in a separate press release that the purchaser has resolved to launch a voluntary, partial, public tender offer for 69.31 million shares of Saras S.p.A. at a price per share equal to 1.370 euros, which is the same price per share as the sellers'.
As per the sale and purchase agreement Angelo Moratti S.a.p.a. shall not tender its shares in the tender offer, provided that such offer will be carried out upon the above mentioned terms and conditions, in order to allow the remaining shareholders of Saras S.p.A. to sell their Saras shares in the same proportion as the shares to be sold in the aggregate by Angelo Moratti S.a.p.a., Gian Marco Moratti, and Massimo Moratti.
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