Aldeasa and Autogrill trading suspended

John Gallagher

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Italian and Spanish markets speculate on whether Italian firm Autogrill is poised to launch a counter-bid to Dufry Group's Eu31 ($40) per share offer for Aldeasa

Trading in shares of Spanish travel retailer Aldeasa and Italian catering firm Autogrill have been temporarily suspended this morning as the markets await further developments in the takeover process for the Spanish retailer. Spanish financial dailies Expansion and Cinco Dias both reported today that Autogrill is preparing a bid for Aldeasa, intensifying rumours that have been circulating in Madrid for several days that the company may launch a counter-bid to Dufry Group's Eu31 ($40) per share offer.

Autogrill, a direct competitor of Elior, which is a 23.5% stakeholder in Dufry Group, reported sales of Eu3.18bn ($4bn) in 2004. According to market observers the Autogrill board met yesterday to discuss expansion projects, including a possible bid for Aldeasa. It is not clear whether Autogrill would make a bid on its own or accompanied by a venture capital firm.

Keep an eye on RavenFox.com for more details as they emerge.