Dufry launches bid for Aldeasa

John Gallagher

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Dufry Group confirms it will launch a bid to buy the Spanish travel retailer

Swiss retailer Dufry Group has informed the Spanish stock market regulator CNMV that it intends to launch a bid for 100% of the share capital of Spanish retailer Aldeasa. Its bid values the Spanish retailer at Eu31 ($40.26) per share. CNMV immediately suspended trading on Aldeasa's shares, which had fallen by 8% to Eu30.80 ($40) following news of Aldeasa's problems with airport authority AENA. The CNMV has advised that trading in the shares will commence once again at 16.00 hours Madrid time.

The bid will be launched via the Dufry subsidiaries, Dufry Holding AG and Dufry Investment AG, and will become effective once authorised by the CNMV.

Aldeasa was subject to a bid of Eu29 ($37.66) per share on December 13 from the GEA consortium. Market analysts had speculated that a counter bid or an improved offer was likely and shares rose to Eu33.50 ($43.50) on Friday. Over the weekend, news broke of increasing tension between Aldeasa and Spanish airport authority AENA, which made clear its intention to change the remuneration conditions of Aldeasa's concession contracts.

Nevertheless, Dufry and majority shareholder Advent International have decided to go ahead with their counter-bid, which could be a killer punch given the uncertainty surrounding the concession. The senior executives at the Swiss retailer must feel confident that they can supply the correct commercial mix to make the bid a profitable one for their shareholders.

Click here to read Dufry's offer document

Click here to read CNMV's statement (Spanish)