(Alliance News) - After press rumors and a jump in the stock market, Massimo Moratti, Angel Capital Management Spa and Stella Holding Spa have denied ongoing discussions between Saras Spa and Vitol.

"The press claims do not correspond to reality," the oil company wrote in a brief note. "The shareholders reserve the right to consider possible initiatives to protect their interests and those of Saras.

The Moratti family could descend in the capital of Saras in favor of the Swiss-Dutch commodity trading giant Vitol, as Milano Finanza had reported, which cited sources familiar with the matter.

Vitol would put up EUR2.2 per share in the oil company, a 35 percent premium over Thursday's closing price of EUR1.66.

Saras' stock is up 12 percent to EUR1.86 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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