Autogrill increases Alpha holding to 29.9%

Emily Pacey

Print Article E-Mail Article E-Mail Author

The Italian conglomerate’s share purchase from Servair takes its Alpha holding to the maximum allowable before it must make a full takeover offer

Italian conglomerate Autogrill has extended its holding in Alpha Airports Group from 12.5% to 29.9% after acquiring the majority of Air France catering arm Servair’s shares in the UK airports group. Once Autogrill’s holding passes 30%—which it will if the company acts on an informal agreement to purchase Servair’s remaining 9.2% stake by June 11—the company will have to make a takeover offer for all of Alpha’s shares.

Autogrill, which also owns US-based retailer HMSHost and half of Aldeasa, bought over 30.6m shares from Servair at £1 ($1.98) each. Servair has granted Autogrill a period of exclusivity until June 11 to buy the remaining shares.

Alpha Airports Group said in a statement: “As previously announced, Autogrill is reviewing its options including whether to make an offer for the entire issued and to be issued share capital of Alpha Airports. Accordingly there is no certainty that an offer will be made and any offer, if made, is likely to be solely in cash.”