International commodity trader Trafigura said it acquired a 3% stake in Italian refiner Saras. Following the announcement, Saras shares soared more than 10%. More than 40% of Saras is owned by the Moratti family. The company has lost over 65% of its market value since the beginning of 2020 amid a demand collapse driven by the COVID-19 pandemic.
Saras operates the 300,000 bpd Sarroch refinery in Sardinia. It is currently worth around €429 million ($507 million) and posted a loss of €41 million in the first half of 2020. Recently, it said to reduce its cost basis by about €120 million. Sources from the company said the Morattis are looking for a partner to help navigate “difficult times” next year. Trafigura said that it would be a supportive shareholder that engages constructively with Saras.
