%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Investing.com -- 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.This content was originally published on http://Investing.com