MILAN (Thomson Financial) - A report yesterday that Autogrill SpA is ready
to pay 700 mln eur to buy the 50 pct which it does not already own in the
Aldeasa SA joint venture is seen as "exaggerated", said an analyst.
Autogrill can buy the stake because of rights to buy out its partner,
Altadis SA, if there is a change of ownership. Altadis is currently being taken
over by Imperial Tobacco PLC.
The analyst said Autogrill in 2005 bought 50 pct in Aldeasa for 300 mln eur
and while sales and margins have risen, Aldeasa has also benefited from
synergies with Autogrill.
A Spanish report today said the 700 mln eur refers to bank finance that
Autogrill is taking on to acquire the 50 pct Aldeasa stake as well as the
possible buy of World Duty Free from Ferrovial.
Analysts have said Autogrill could pay 300-450 mln eur for 50 pct in Aldeasa
and between 300-560 mln for World Duty Free.
World Duty Free is being sold via auction and reports say Autogrill is on a
three or four strong shortlist cleared to prepare binding offers after access to
further data on the company.
On Aldeasa, the analyst said the Madrid bourse is announcing Imperial
Tobacco's bid completion today, paving the way for Autogrill to make an offer
for the 50 pct as early as next week.
nigel.tutt@thomson.com
nt/lam
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