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Following the sudden purchase of 12.5 percent of the shares of Alpha Group, the Italian company Autogrill S.p.A has indicated that it is considering a cash offer for the remaining issued and to be issued share capital of the company. Both Alpha and Autogrill made the announcement on May 30. The 12.5 percent share capital amounted to 21,995,200 shares of the Alpha Group at a value of 95 pence per share. In a statement on the company’s website, Autogrill stated that “considerations are at a preliminary stage and there is no certainty that any offer will be made.” In its announcement of the purchase, Alpha says that its board of directors are consulting with its advisors. “The Board has not entered into any discussions with Autogrill in respect of their future intentions,” said the May 30 announcement. Alpha is working with Close Brothers Corporate Finance Limited, on its financial options. Autogrill is one of the largest players in food and beverage and retail services for travelers. It has been listed on the Milan Stock Exchange since 1997 and last year recorded €3.9 billion (US$5.2 billion) in sales. Edizione Holding S.p.A., the investment arm of the Benetton family controls Autogrill. Approximately 52 percent of the company’s 2006 sales were in Europe, with 45 percent in North America. On the catering and food service side, Autogrill operates HMSHost, the large airport caterer. Autogrill outlets are a well-known fixture on highways across Europe. |
