Spanish group makes bid for Aldeasa-UPDATE

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But the Gestion de Explotaciones Aeroportuarias consortium refuses to raise its bid for the Spanish retailer, whose shares it values at Eu29 ($38.7) each

As revealed on RavenFox.com, the Gestion de Explotaciones Aeroportuarias (GEA) consortium yesterday launched an attempted takeover of leading Spanish travel retailer Aldeasa, valuing its shares at Eu29 ($38.7) each.

The GEA group is made up of the financial group Alba, controlled by the March family, and venture capitalists Mercapital and Omega Capital. Minor shareholders include former Tabacalera president Pedro Perez and the Birrete company. If GEA is successful, sources close to the bid told RavenFox.com that Perez would take over the presidency of Aldeasa from Jose Fernandez Olano.

Trading in Aldeasa shares was suspended for part of Monday morning, but once trading recommenced business was brisk and finally closed at Eu30.74 ($41). The bidding group has said that its aim is "to consolidate Aldeasa's position in markets where it is already present, and to offer shareholders an attractive price taking account of the progress of its share price over recent years". Market analysts had predicted that GEA will have to increase its bid to succeed although it is unclear whether the consortium will raise its offer.

This morning, leading stockbroker Ibersecurities recommended that its clients sell Aldeasa shares, arguing that their value will fall steeply if key stakeholder Altadis refuses to sell.

The key to the deal is the reaction of Altadis ? GEA or any prospective counter bidder will need to win its approval and Altadis will seek to maximise value for its own shareholders.

Keep an eye on RavenFox.com for updates.