Saras’ Controlling Shareholders in Sale of a 13.7% Stake to Rosneft

June 19, 2013

Cleary Gottlieb assisted Angelo Moratti S.a.p.A., Gian Marco Moratti, and Massimo Moratti in the sale to Rosneft JV Projects, an indirect 100% subsidiary of one of the world’s largest oil producers, Rosneft, of a 13.70% stake in the Italian oil refinery and energy company Saras, for a total consideration of approximately €178.5 million. The sale was announced on April 15 and closed on April 23.

Cleary Gottlieb assisted Saras in the subsequent voluntary partial tender offer launched by Rosneft JV Projects on an additional minority stake (approximately 7.29%) of Saras for a total consideration equal to €94.9 million, carried out in order to allow the remaining shareholders of the company to sell their Saras shares in the same proportion as the shares sold in the aggregate by Angelo Moratti, Gian Marco Moratti, and Massimo Moratti pursuant to the sale mentioned above. The tender offer successfully closed on June 19, 2013.

As a result of these transactions, Angelo Moratti retains a controlling stake in Saras equal to approximately 50.02%, while Rosneft JV Projects holds a minority stake equal to approximately 20.99%.