SPAIN. Manuel Azuaga, the chairman of Spanish airport authority Aena, is due to appear before parliament in Spain today to explain whether there has been political interference in the takeover operation involving Aldeasa, according to a report in the local newspaper Expansión.
The opposition PP party claimed that political interference had taken place after Aena announced, on the day of the first takeover offer being presented, that it planned to change the way it charged Aldeasa to rent retail space in its airports, claiming a percentage of sales instead of profits.
Before the takeover bid was launched, the government’s health department approved an anti-smoking law which would mean a ban on tobacco sales in Aldeasa shops. This measure has since been withdrawn. Tobacco sales represent 30% of Aldeasa’s turnover.
The first takeover bid, of €29 per share, was launched in December by Spanish investment consortium GEA. Higher bids have since come from Switzerland’s Dufry and Italy’s Autogrill.
The Autogrill/Altadis offer of €33 per share looks set for clearance imminently.
CHRONOLOGY OF A TAKEOVER: HOW THE ALDEASA STORY HAS UNFOLDED
Latest update: Aldeasa ownership in the balance as investors launch shock takeover bid – 13/12/04
Aldeasa takeover bid underlines private equity interest in upswinging market – 14/12/04
Dufry parent Advent eyes Aldeasa bid – Spanish newpaper quotes ‘Dufry sources’ – 19/01/05
Advent International confirms interest in Aldeasa – 19/01/05
Shares in Altadis and Aldeasa rise as interest intensifies in Aldeasa takeover saga – 20/01/05
Advent International bid for Aldeasa “˜Friday or Monday’ – Spanish report – 21/01/05
Aldeasa in talks with airport authority AENA to “review contracts” – 23/01/05
Is Autogrill the next bidder for Aldeasa? – 24/01/05
Stakes are raised in Aldeasa takeover as bidders jostle for position – 24/01/05
Dufry unveils €31 per share bid for Aldeasa; tops GEA offer – 24/01/05
Elior doubles stake in Dufry in latest bid twist – 25/01/05
AENA will tender Aldeasa shops, claims Cinco Días – 25/0105
Dufry offer “˜right valuation’ for Aldeasa, says Julian Diaz; Vista Capital to pull out? – 26/01/05
Autogrill still considering Aldeasa bid, “˜no decision’ taken by board – 26/01/05
Aldeasa and Autogrill shares suspended amid fresh bid speculation – 28/01/05
Autogrill confirms Aldeasa bid; tops Dufry offer – 28/01/05
Autogrill bid terms for Aldeasa make counter offer difficult – 29/01/05
Aldeasa shares rise sharply on Autogrill bid – 31/01/05
Broker sells 1.8% of Aldeasa – 01/02/05
Autogrill’s shares fall on news of Aldeasa bid – 01/02/05
Dealing in Aldeasa shares prompts investigation – Spanish reports – 02/02/05
Ex-minister Gomez Navarro to chair Aldeasa if Autogrill/Altadis bid wins, Spanish reports – 07/02/05
Centaurus fund builds 4.2% stake in Aldeasa – 08/02/05
Dufry’s €31 per share Aldeasa bid cleared – 14/02/05
Expansión report: Autogrill-led bid for Aldeasa raises EU competition concerns – 17/02/05
Dufry offers three options for Aldeasa integration if bid successful – 18/02/05
Aldeasa rejects Dufry offer; industry waits on Autogrill bid clearance – 21/02/05
“˜No doubt’ that bid for Aldeasa will be successful says Altadis Chairman – 23/02/05
