Aldeasa rejects Advent bid

Aldeasa, the airport duty-free shops operator, has rejected Advent's acquisition offer of E31 per share. The proposal, which was made via Advent's Swiss-based duty free retailer Dufry, valued the company at E651m. The development follows the earlier rejection of a E29 share offer put forward by GEA (the consortium of Mercapital, Omega Capital and Corporación Financiera Alba). The shareholders of Aldeasa are still considering a third offer put forward by the Italian firm, Autogrill, for 100% of Aldeasa at E33 per share, valuing the company at E693m. Autogrill does have a distinct advantage because it has the backing of the tobacco company, Altadis, which owns 34.45% of Aldeasa. The decision is expected in the next few weeks.

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• Topics
• Southern Europe
• Consumer