SPAIN. Altadis Co-Chairman Pablo Isla said today that he has “no doubt” that the company’s joint bid with Autogrill for Spanish travel retailer Aldeasa will be successful.
The tobacco company’s surprise partnership with Italian catering and retail company Autogrill holds the inside running in the hotly-contested takeover battle for Aldeasa.
The alliance has tabled a €33-a-share bid for the retailer, topping earlier proposals by the GEA financial consortium and Swiss travel retailer Dufry. The Autogrill/Altadis offer currently awaits clearance by the Spanish stock market regulator CNMV and the Brussels competition authorities.
Besides offering the highest price to date, Autogrill and Altadis have not stipulated a minimum shareholder acceptance level. Crucially in terms of the offer’s chances of success, Altadis is Aldeasa’s lead shareholder with a 34.6% stake.
Isla made his comments today after revealing Altadis’s annual results for 2004. In reply to a question he said he was unaware of any government intervention in the Aldeasa takeover.
The company’s net income rose +41% year-on-year to €413 million. Sales rose +3.9% to €3.5 billion, and EBITDA was up +3.3%. Acquisitions helped falling sales in core markets such as France, hit by tax hikes, while net profits were helped by one-off restructuring charges in 2003.
Altadis said that 2005 would be heavily focused around integrating two recent acquisitions – Russian cigarette company Balkan Star and Italian distribution company Etinera.
In related news, Spain’s state holding company SEPI today reiterated its plans to sell its remaining stakes in Altadis (2.1%), Aldeasa (5.1%) and Spanish airline Iberia (5.3%). The divestments will all be made this year. SEPI already has government approval to sell these holdings.
CHRONOLOGY OF A TAKEOVER: HOW THE ALDEASA STORY HAS UNFOLDED TO DATE
Broker sells 1.8% of Aldeasa – 01/02/05
Aldeasa shares rise sharply on Autogrill bid – 31/01/05
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
Autogrill’s shares fall on news of Aldeasa bid – 01/02/05
Broker sells 1.8% of Aldeasa – 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
