Autogrill wins bid for Aldeasa

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The Italian group Autogrill has won the bidding for the aiport retail chain Aldeasa, after increasing its original offer by 10%. The group's bid reached E36.57 per share, valuing Aldeasa at E768m. The final round was completed in March and followed an earlier round, which included bids from GEA (E29 per share), Advent (E31 per share) and Autogrill (E33 per share). The auction was the first to put into practice the new law concerning OPAs (Oferta Publica de Adquisicion), in which the bidders submit their final tenders in sealed envelopes and are able to increase their original offer. The participants do not know what their competitors have bid, which explains why Autogrill increased its offer by 10%, despite having put forward the highest tender. GEA had already announced its retirement from the auction while Advent decided not to increase its offer. In any case, Autogrill will not have to raise the full E768m because it made a joint bid with the tobacco firm, Altadis, which already holds 34% of Aldeasa. Ataldis has a 50% stake in Retail Airport Finance, the vehicle set up to launch the OPA.