Latest news with #BrachettiPeretti
Yahoo
3 days ago
- Business
- Yahoo
Gunvor and Azerbaijan's SOCAR reportedly competing to acquire Italiana Petroli
-- Global commodity trader Gunvor and the State Oil Company of Azerbaijan (SOCAR) are in a tight competition to acquire oil refiner Italiana Petroli, according to a Reuters report on Friday. The final offers for the privately-owned Italian company are due by the end of May. The Abu Dhabi-based Bin Butti Group is also anticipated to submit a bid. However, their chances of acquiring the company are thought to be lower as they entered the sale process later and have had less time to evaluate the refiner. The Brachetti Peretti family, the sellers of Italiana Petroli, are reportedly seeking a valuation of approximately 3 billion euros ($3.4 billion) for the entire group. Last year, the group reported an adjusted core profit of nearly 500 million euros and had a net cash position of 408 million euros at the end of December. Related articles Gunvor and Azerbaijan's SOCAR reportedly competing to acquire Italiana Petroli Saudi Arabia reportedly planning massive Airbus order Citi adds Knight-Swift to catalyst watch Sign in to access your portfolio
Reuters
3 days ago
- Business
- Reuters
Gunvor, SOCAR neck and neck to buy refiner Italiana Petroli, sources say
MILAN, May 30 (Reuters) - Global commodity trader Gunvor and State Oil Company of Azerbaijan (SOCAR) are neck and neck in the race to buy oil refiner Italiana Petroli, three sources close to the matter said on Friday, as an end-May deadline to submit final offers looms. Abu Dhabi-based Bin Butti Group is also expected to submit a bid, but its chances to acquire the privately-owned Italian company are considered slimmer as it joined the sale process only recently and has had less time to study the refiner, the sources said. Two of the sources said the seller, the Brachetti Peretti family, was seeking a valuation of around 3 billion euros ($3.4 billion) for 100% of the group, which last year posted an adjusted core profit of nearly 500 million euros and had net cash of 408 million euros at end-December. Gunvor and Italiana Petroli declined to comment. SOCAR and Bin Butti were not Noavailable to comment. Italiana Petroli's sale comes after commodity trading house Vitol last year bought Italian oil refiner Saras from the Moratti family, highlighting private investors' desire to withdraw from an increasingly volatile business area. IP, 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. The group 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. IP 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. The sources said both SOCAR and Gunvor had conducted in-depth analyses of the company and visited IP's industrial sites to prepare their final offers. SOCAR is being advised by Italy's Intesa Sanpaolo IMI CIB. Rothschild is working with Gunvor. ($1 = 0.8819 euros)
Zawya
6 days ago
- Business
- Zawya
SOCAR, Gunvor, Bin Butti to bid for refiner Italiana Petroli, sources say
MILAN - State Oil Company of Azerbaijan (SOCAR), global commodity trader Gunvor and Abu Dhabi-based Bin Butti Group are expected to submit binding offers for Italian oil refiner Italiana Petroli (IP) next week, two sources close to the deal said on Tuesday. IP, also known as API Group, is being advised by UniCredit on the potential sale, the sources said. IP is owned by Italy's wealthy Brachetti Peretti family and has a total refining capacity of around 200,000 barrels per day (bpd). It also owns a network of 4,600 fuel stations. IP declined to comment. Gunvor, SOCAR and Bin Butti Group were not immediately available to comment. Italian daily la Repubblica said on Tuesday, citing unnamed sources, that SOCAR is seen as the front runner for the acquisition and that IP is valued at between 2.3 billion euros and 2.5 billion euros ($2.61 billion-$2.84 billion). SOCAR and Gunvor have been exploring possible bids for longer than Bin Butti, which joined the race for the Italian group only recently, the sources told Reuters. Reuters reported last month that binding bids for IP were due by the end of May and mentioned SOCAR, Gunvor and Glencore as potential bidders. ($1 = 0.8797 euros) (Reporting by Francesca Landini and Valentina Za, additional reporting by Nailia Bagirova and Federico Maccioni; writing by Gianluca Semeraro, editing by Susan Fenton)
Reuters
6 days ago
- Business
- Reuters
SOCAR, Gunvor, Bin Butti to bid for refiner Italiana Petroli, sources say
MILAN, May 27 (Reuters) - State Oil Company of Azerbaijan (SOCAR), global commodity trader Gunvor and Abu Dhabi-based Bin Butti Group are expected to submit binding offers for Italian oil refiner Italiana Petroli (IP) next week, two sources close to the deal said on Tuesday. IP, also known as API Group, is being advised by UniCredit ( opens new tab on the potential sale, the sources said. IP is owned by Italy's wealthy Brachetti Peretti family and has a total refining capacity of around 200,000 barrels per day (bpd). It also owns a network of 4,600 fuel stations. IP declined to comment. Gunvor, SOCAR and Bin Butti Group were not immediately available to comment. Italian daily la Repubblica said on Tuesday, citing unnamed sources, that SOCAR is seen as the front runner for the acquisition and that IP is valued at between 2.3 billion euros and 2.5 billion euros ($2.61 billion-$2.84 billion). SOCAR and Gunvor have been exploring possible bids for longer than Bin Butti, which joined the race for the Italian group only recently, the sources told Reuters. Reuters reported last month that binding bids for IP were due by the end of May and mentioned SOCAR, Gunvor and Glencore (GLEN.L), opens new tab as potential bidders. ($1 = 0.8797 euros)
Reuters
17-04-2025
- Business
- Reuters
Commodity traders expected to submit bids for Italy's IP by May, sources say
MILAN/LONDON, April 17 (Reuters) - Global commodity traders including Glencore (GLEN.L), opens new tab and Gunvor are looking at the possibility to buy oil refiner Italiana Petroli (IP) API group, two sources said on Thursday, adding that binding bids for the company are due by the end of May. State Oil Company of Azerbaijan (SOCAR) is also looking at the asset, the two sources and an additional person with knowledge of the deal told Reuters. IP, which is advised by UniCredit on the potential sale, is owned by the Italian family of Brachetti Peretti and has a total refining capacity of around 200,000 barrels per day (bpd). It also holds a network of 4,600 fuel stations. After the Moratti family sold oil refiner Saras to Vitol last year, a potential deal on IP would give international commodity groups an increasing role in the refining sector in Italy, while private investors retreat as volatility on profits margin increases. In addition to Vitol's purchase of Saras, which operates the 300,000 bpd capacity Sarroch refinery on Sardinia, global commodity trader Trafigura is part of the consortium that bought the 320,000 bpd ISAB refinery on Sicily from Russia's Lukoil in 2023. Swiss trading house Petraco also has a stake in Iplom, which operates the circa 40,000 bpd Busalla refinery near Genoa. It fits into a wider picture of major trading houses snapping up assets in Europe from oil majors and independent firms alike, which might otherwise be looking to close or convert to biorefining their conventional refining assets. IP owns Ancona refinery and the SARPOM refinery in Trecate, near Novara, and has a tolling contract for the Alma refinery in Ravenna. Trecate mainly deals with the production of fuels while the other two plants are producing bitumen. Italian media first reported that the owners of IP were considering the sale of the company, but did not provide details on the timeline for the sale process.
