Energy, Vitol Holding of the Netherlands buy Saras

Brussels – Saras is no longer Italian. The company, known for its activities in oil refining, is being sold to Vitol Holding of the Netherlands, which obtains sole control. The European Commission has cleared the transaction under the EU merger rules, given that after due diligence, it appears that the notified transaction “would not raise competition concerns, given the companies’ limited combined market position resulting from the proposed transaction,” the EU executive says.

The transaction relates primarily to petroleum refining, power generation, and wholesale distribution of refined petroleum products, mainly in Italy and Spain. Saras was founded in 1962 by Angelo Moratti, president of the ‘great Inter’ that, between 1955 and 1968, won three league titles, two Champions Cups, and two Intercontinental Cups.