Decision on oil refiner Italiana Petroli's sale expected around end-June, sources say
MILAN, June 12 (Reuters) - Italiana Petroli, which is currently in talks with three suitors interested in buying the oil refiner, is expected to take a decision on the potential 3 billion euro ($3.5 billion) deal around the end of this month, two sources with knowledge of the matter said on Thursday.
Global commodity trader Gunvor, State Oil Company of Azerbaijan (SOCAR) and Abu Dhabi-based Bin Butti Group have all presented binding offers to buy the 100% of the privately-held group, sources previously said.
One of the two sources told Reuters that other industrial groups from the Middle East have reached out to the Italian company to signal their interest in case ongoing negotiations fall through and the seller decides to re-open the process.
One of the sticking points in current talks is the valuation, the sources said, adding the seller - the Brachetti Peretti family - is seeking around 3 billion euros.
Italiana Petroli and Gunvor declined to comment. SOCAR and Bin Butti Group were not immediately available to comment on negotiations.
The refiner last year posted an adjusted core profit of nearly 500 million euros and had net cash of 408 million euros at end-December.
The group, which is being advised by UniCredit, has a total refining capacity of around 200,000 barrels per day. It also has a network of 4,600 fuel stations.
It increased its refining and fuel storage capacity in late 2023 when it finalised the acquisition of Exxon Mobil's (XOM.N), opens new tab Italian assets.
It currently owns a refinery in Ancona, eastern Italy; the SARPOM refinery in Trecate in the north; and has a tolling contract for the Alma refinery in Ravenna, towards the north east.
Trecate deals with the production of different kinds of fuel, including aviation propellant, while the other two plants produce bitumen.
SOCAR is being advised by Italy's Intesa Sanpaolo IMI CIB. Rothschild is working with Gunvor.
($1 = 0.8633 euros)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Auto Car
16 minutes ago
- Auto Car
Volkswagen's first electric GTI will get a hotter 282bhp Clubsport model
Hardcore version of first electric GTI set to bring mechanical limited-slip differential and big power boost Close Volkswagen is developing a hardcore Clubsport version of the upcoming ID 2 GTI, according to insiders. The front-wheel-drive ID 2 GTI, revealed in near-ready concept form, is due on sale towards the end of 2026 with around 223bhp from VW's new-generation APP550 electric motor. But Autocar has learned that engineers at VW's research and development centre in Braunschweig, Germany, are also working on a more potent and focused range-topper, targeting a peak output of 282bhp. Alongside the additional power, this flagship – in keeping with the hot Golf Clubsports that have gone before – is being conceived with a series of mechanical and electronic upgrades. Chief among them is a fully mechanical limited-slip differential, which offers torque-vectoring capability between the front wheels. 'We're not working with brake intervention,' said one source. 'It's a fully mechanical system.' Further upgrades under consideration include variable torque delivery and a virtual gearchange function. Together, these systems modulate how quickly torque builds with speed and throttle input to reduce jerkiness under hard acceleration while replicating the stepped response of a traditional manual gearbox. Both ID 2 GTI variants will be based on the MEB Entry platform (internally known as MEB-21) and are expected to use the APP550 motor also used in other recently unveiled or upgraded Volkswagen EVs. 'We're arriving late, but with force,' said one Volkswagen insider. Although a launch date has yet to be confirmed, the ID 2 GTI Clubsport is expected to follow the template set by previous Golf GTI Clubsport models, which have historically offered more power, sharper chassis tuning and limited-edition status over their standard GTI counterparts. The first Golf GTI Clubsport was launched in 2016 to mark the GTI's 40th anniversary and was followed by the Clubsport S – then a Nürburgring record holder with a stripped-out interior and manual gearbox. The current Golf GTI Clubsport is powered by a 296bhp 2.0-litre four-cylinder turbo petrol engine and features bespoke ECU mapping, chassis upgrades and adaptive suspension tuning. It is positioned as Volkswagen's fastest and most advanced front-wheel-drive hot hatchback to date. Join our WhatsApp community and be the first to read about the latest news and reviews wowing the car world. Our community is the best, easiest and most direct place to tap into the minds of Autocar, and if you join you'll also be treated to unique WhatsApp content. You can leave at any time after joining - check our full privacy policy here. Next Prev In partnership with
Reuters
18 minutes ago
- Reuters
Italy's Eni sells 20% of Plenitude unit to Ares for 2 billion euros
MILAN, June 23 (Reuters) - Italy's Eni ( opens new tab said on Monday it signed a deal with Ares Management Alternative Credit funds (ARES.N), opens new tab worth around 2 billion euros ($2.30 billion) for the sale of a 20% stake in its retail and renewable unit Plenitude. The transaction, for which Mediobanca acted as Eni's financial adviser, gives Plenitude an equity value of 10 billion euros, corresponding to an enterprise value of more than 12 billion euros. The deal is part of the Italian energy group's long-term strategy to find partners to jointly develop its businesses. ($1 = 0.8693 euros)
Reuters
an hour ago
- Reuters
Equity investors seeking clarity should be careful what they wish for
LONDON, June 23 (Reuters) - Financial markets famously hate uncertainty, but getting answers to many of the open questions currently hanging over markets may end up offering investors little comfort. Several recent global developments, including President Donald Trump's April 2 tariff announcement and subsequent 90-day pause as well as the breakout of the Israel-Iran war, have sparked some of the highest levels of uncertainty in decades. If recent U.S. stock market performance is anything to go by, investors seem convinced that everything will work out just fine. Investors will likely get more clarity on several of these issues in the coming weeks, but they may find that this optimism is unwarranted. On July 9, the 90-day pause on Trump's Liberation Day 'reciprocal tariffs' will end, and unless the delay is extended or multiple trade deals are struck, U.S. import tariffs will essentially double from the 10% level today. So far, only the UK has managed to agree on a trade deal, and, even here, there is little clarity about the future of tariffs on UK steel exports. Negotiations with the European Union and Japan have stalled, and the EU has prepared a range of potential retaliatory measures. At the same time, the U.S. Commerce Department is preparing to present its findings on investigations into semiconductors, pharmaceuticals, copper, aircraft, jet engines and a host of other goods, opens new tab. It is widely expected that once these findings are presented, the U.S. government will act quickly to impose additional tariffs or import restrictions. Meanwhile, the Senate is expected to vote on the Trump administration's budget bill in July. The Congressional Budget Office has estimated, opens new tab that in its current form, this bill will add $3.3 trillion in extra debt over the coming decade. Investor confidence in the dollar and the safety of U.S. Treasuries has been shaken recently, partly due to the country's deteriorating fiscal outlook, so this deficit-expanding budget will only add fuel to the fire. And now, the war between Israel and Iran has been thrown into the mix, with the U.S. attacking Iranian nuclear sites on Sunday. Oil prices have increased by roughly 10% since the war broke out, though the price as of June 20 was still in line with the 2024 average. After the U.S. attacks, we could see Iranian retaliation against oil fields in the Middle East or the all-important Strait of Hormuz, which could drive oil prices much higher. With all these moving parts, it is easy to lose sight of what matters right now and what doesn't. While many actions, such as the extension of the 2017 tax cuts in the budget bill, will take years to unfold, the rise in tariff levels could have an immediate impact. The tariffs currently in place (e.g., base tariffs and tariffs on steel, aluminium and autos) could add 0.9 percentage points to U.S. inflation over the next 12 months, as importers are forced to pass tariff costs on to consumers. If there are no additional trade deals struck and tariffs revert to the higher levels announced on Liberation Day, another 0.7 percentage points could be added. And that doesn't even include potential tariffs on pharmaceuticals, semiconductors, and other goods. The inflation impact from the budget bill will likely be much smaller at roughly 0.1 percentage points over the next 12 months, and an oil price spike to $80 per barrel is apt to have roughly the same impact. Only if oil prices spike to about $100 and remain in that region for the next six months would we have to be seriously worried about an inflation shock from the war in the Middle East. Of course, if all these developments, including a 20% oil price spike, come to pass, U.S. inflation could rise from current levels by up to two percentage points in the next twelve months, dwarfing the likely impact on the UK and euro zone. Despite these concerning figures, U.S. equity investors seem nonplussed. U.S. stock markets, perhaps banking on another TACO moment, have rallied 15% above the level justified by macroeconomic fundamentals, based on my estimates. Over the last 10 years, a deviation of this size was followed by an average decline of 7% in the S&P 500 in the subsequent three months. The gap between performance and fundamentals is smaller in the euro zone and UK, suggesting any mean reversion would be less extreme there. Now, it's possible that everything – from the trade war to the real war – will end well. And stock markets have an uncanny ability to ignore adversity for a long time. However, if much of this uncertainty is resolved negatively, resulting in either higher U.S. inflation or lower growth, U.S. equities' surprising resilience is likely to be challenged. (The views expressed here are those of Joachim Klement, an investment strategist at Panmure Liberum, the UK's largest independent investment bank). Enjoying this column? Check out Reuters Open Interest (ROI), opens new tab, opens new tab, your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI, opens new tab, opens new tab can help you keep up. Follow ROI on LinkedIn, opens new tab, opens new tab and X., opens new tab
