ACM and BofA Securities have also signed a derivative contract, known as 'funded collar', which gives BofA Securities a number of options to buy Saras shares and ACM a number of options to sell them. Based on Wednesday's closing price, a 5% Saras stake is worth slightly less than 80 million euros and represents half of ACM's overall holding in Saras. (Reporting by Valentina Za; editing by Francesca Landini)
MILAN, Feb 1 (Reuters) - Saras said on Wednesday leading
investor Angel Capital Management (ACM) had struck a financing
deal with BofA Securities backed by a 5% stake in the Italian
oil refining firm.
Saras said ACM, an investment vehicle of Saras founders,
Italy's Moratti family, would get a loan from BofA Securities
backed by 47.6 million Saras shares.
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