Autogrill bid for Aldeasa under investigation

Print Article E-Mail Article

The European Commission has expressed concerns that a deal would place a large share of the European travel-retail and catering market beyond the control of EU legislation

The European Commission is to investigate Autogrill's Eu33 ($40.3) per share bid for Spanish travel retailer Aldeasa over fears that the deal would result in a "supranational control of market share which would not be covered by EU legislation". Spanish daily newspaper Expansion reported that the Commission has asked Autogrill for details of the bid.

Autogrill's bid is backed by Altadis, a 34.5% stakeholder in Aldeasa. If successful, the tobacco company will relinquish its stake in Aldeasa for a 50% share of Retail Airport Finance, the company Autogrill formed to launch the bid.

Earlier this week Dufry Group's bid of Eu31 ($42.9) for Aldeasa was approved by the Spanish stock market regulator.