Dufry bid for Aldeasa approved

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The Spanish stock market regulator has authorised the bid by Dufry Group while the market awaits a decision on Autogrill's higher bid

Spanish stock market regulator CNMV has approved Swiss retailer Dufry Group's Eu31 ($40.3) per share offer for Aldeasa. The bid is the second to be approved for the Spanish travel retailer, following the acceptance of Gestion de Explotaciones Aeroportuarias' Eu29 ($37.7) per share offer last month.

The regulator is yet to make a decision on the highest offer to be tabled so far, Italian catering conglomerate Autogrill's Eu33 ($42.9) per share bid. If the Autogrill bid is successful, Altadis is to swap its 34.5% stake in Aldeasa for a 50% share of Retail Airport Finance, the company formed by Autogrill to table the bid.