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A great headline but a non-story; any marriage between Nuance and Autogrill is not on the cards |
ITALY. Speculation in Italian financial and publishing circles that Autogrill, the road-to-airport catering and retail group, may merge with The Nuance Group is without foundation The Moodie Report has learned.
A note circulating among members of the investment community suggesting a merger is on the cards is understood to have been inspired by a forthcoming article in Italian business magazine Panorama, set to be published this week.
The report claims that Nuance co-parents Stefanel and Gruppo Pam could receive a 7% stake in Autogrill (owner of travel retail and catering firms Aldeasa and HMSHost) holding company Schema34, valuing Nuance at €250 million.
But such a scenario has neither been the subject of discussions nor is possible, we understand reliably. The story is dismissed out of hand by knowledgeable sources and the likelihood of the Benetton family, which controls Autogrill, and Stefanel/Gruppo Pam even holding a dialogue is considered remote.
It is equally unlikely that Nuance’s shareholders would accept a valuation of €250 million, especially in return for a 7% stake in a non-listed company.
The Moodie Report believes that an accelerated consolidation of the travel retail sector is inevitable over the next 12-18 months. “Everyone is speaking to everyone” as one well-placed source put it this week. Theoretically any company is available at the right price but the permutation at the heart of this week’s speculation is clearly not on the agenda.
MORE STORIES ON THE NUANCE GROUP
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The Nuance Group appoints Buying Director Europe – 11/12/06
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