European Commission approves Autogrill bid

John Gallagher

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The Italian company's bid has been cleared after a competition investigation

Autogrill subsidiary Retail Airport Finance's (RAF) €768m ($1.02bn) bid for Spanish travel retailer Aldeasa has been cleared by the European Commission.

According to a communication from RAF dated March 23 and published this morning by Spanish stock market regulator CNMV, the Commission will not oppose the takeover of Aldeasa by RAF and considers that the resulting concentration of market share is compatible with the principles of the Common Market.

The decision was expected by Madrid financial analysts and is the last legal obstacle to the RAF bid. The €36.57 ($48.76) per-share bid is open for acceptance by Aldeasa shareholders until April 14.