MILAN (Reuters) - Russian oil giant Rosneft (ROSN.MM) does not intend to buy more than 21 percent of Italian refiner Saras (SRS.MI) for the time being, Saras chairman Gian Marco Moratti said on Wednesday.
“The Russians will stay at 21 percent and for now, for us and for them, that’s fine,” Moratti said at the annual shareholder meeting of the refiner.
Earlier in April Rosneft agreed to take a stake of up to 21 percent in Saras by buying a 13.7 percent stake from the Moratti family and then launching a bid on a further 7.29 percent.
Moratti told shareholders the bid by Rosneft will take place in June.
Flagging refining margins and weaker demand from traditional markets have hurt earnings at Saras’s main refining business.
Reporting By Giancarlo Navach, editing by Stephen Jewkes