Vitol S.A. launched mandatory tender offer to acquire remaining 54.52% stake in Saras S.p.A. (BIT:SRS) for ?830 million on February 11, 2024. As part of the offer, 518,486,282 shares will be acquired for ?1.6 per share. Vitol already owned 432,513,718 Shares, representing approximately 45.48%. Varas Holding, Vitol, Vitol Holding B.V., Vitol Netherlands Coöperatief U.A. and Vitol Holding II SA are deemed to be persons acting in concert with the Offeror pursuant to Article 101-bis, paragraph 4-bis, let. b) of the CFA. The Offeror intends to finance the Maximum Disbursement by using its own funds, drawing on the proceeds from capital contributions, capital increases and/or shareholder loans and/or any other means that will be made available by Varas Holding, Vitol and/or its parent companies. As of June 19, 2024, offeror has filed the offer document with Commissione Nazionale per le Società e la Borsa (Consob). As of June 27, 2024, CONSOB notified the suspension of the time limit for the review period. As of July 5, 2024, CONSOB decided to reopen the above mentioned review period starting from July 6, 2024. The time limit for the review will expire on July 12, 2024. As of July 10, 2024, Commissione Nazionale per le Società e la Borsa (CONSOB) approved the deal. The offer period starts on July 12, 2024 and ends on August 9, 2024. As of July 11, 2024, Saras board approved the offer. As of July 29, 2024, Varas directly holds 434,599,086 ordinary shares, representing approximately 45.699% stake. As of July 30, 2024, Varas directly holds 437,597,842 ordinary shares, representing approximately 46.014% stake. As of July 31, 2024, Varas directly holds 443,752,373 ordinary shares, representing approximately 46.662% stake. As of August 1, 2024, Varas directly holds of 448,444,381 ordinary shares, representing approximately 47.155% stake. As of August 2, 2024, Varas directly holds 450,345,778 ordinary shares, representing approximately 47.355% stake. As of August 5, 2024, Varas directly holds of 466,133,360 ordinary shares, representing approximately 49.015% stake and the threshold of 50% Issuer?s share capital, so coming to hold a total of no. 485,683,282 of Saras shares, equal to 51.071% of the Issuer?s share capital. As of August 7, 2024, Varas directly holds of 473,225,941ordinary shares, representing approximately 49.761% stake. As of August 8, 2024, Varas directly holds of 474,625,674 ordinary shares, representing approximately 49.908% stake. The Acceptance Period will end on August 16, 2024. As of August 9, 2024, Varas directly holds of 476,685,984 ordinary shares, representing approximately 50.125% stake. It has exceeded, based on the acceptances received on the date hereof, the threshold of 66.67% Issuer?s share capital, and will come to hold, as a result of the Offer, a total of no.758,125,552 of Saras shares, equal to 79.719% of the Issuer?s share capital. As a result of crossing the 66.67% threshold of Saras? share capital in the context of the Offer. As of August 12, 2024, Varas directly holds of 478,684,633 ordinary shares, representing approximately 50.335% stake. As of August 13, 2024, Varas directly holds of 479,294,323 ordinary shares, representing approximately 50.399% stake. As of August 14, 2024, Varas directly holds of 482,100,899 ordinary shares, representing approximately 50.694% stake. As of August 16, 2024, Varas directly holds of 485,282,336 ordinary shares, representing approximately 51.029% stake. As indicated below, based on the provisional results of the Offer (if confirmed), upon completion of the Offer, the Offeror will hold a 833,925,733 of Saras? Shares, equal to approximately 87.689% of the Issuer?s share capital. As of August 19, 2024, Varas directly holds of 490,567,998 ordinary shares, representing approximately 51.584% stake. As of August 20, 2024, Varas directly holds of 492,301,088 ordinary shares, representing approximately 51.767% stake. Considering the 348,650,429 Saras? Shares tendered to the Offer during the Acceptance Period. Upon completion of the Offer the Offeror will hold No. 840,951,517 Shares of Saras, equal to approximately 88.428% of the Issuer?s share capital. The Reopening of the Terms shall therefore commence on August 26, 2024 and end on August 30, 2024. Such Consideration will be paid on the fifth Trading Day following the end of the period of the Reopening of the Terms, i.e. on September 6, 2024. As on September 3, 2024, Varas announces the final results of the reopening of the terms of the mandatory public tender offer launched by the Offeror concerning a maximum of no. 518,486,282 ordinary shares (the ?Shares?) of Saras S.p.A. As indicated below, based on the final results of the Reopening of the Terms, upon completion of the Reopening of the Terms, the Offeror will hold No. 906,163,630 Saras? Shares, equal to approximately 95.285% of the Issuer?s share capital. The Joint Procedure will concern the 44,836,370 Shares still outstanding (the ?Residual Shares?), equal to 4.715% of the Issuer?s share capital. The Joint Procedure will take place on 11 September 2024. Offeror exercising the Purchase Right, will simultaneously fulfil the Purchase Obligation.

Chiomenti Studio Legale and Weil, Gotshal & Manges LLP acted as legal advisor, J.P. Morgan Securities Plc, London, Zweigniederlassung Zürich, UniCredit S.p.A. (BIT:UCG) and Intesa Sanpaolo S.p.A. (BIT:ISP) acted as financial advisor and Georgeson Srl acted as information agent to Vitol S.A. Rothschild S.p.A. acted as financial advisor and Mediobanca Banca di Credito Finanziario S.p.A. (BIT:MB) acted as fairness opinion provider.

Vitol S.A. completed the acquisition of remaining 54.52% stake in Saras S.p.A. (BIT:SRS) on September 11, 2024. Borsa Italiana ordered the delisting of Saras Shares from Euronext Milan as of today i.e., September 11, 2024.