Italian roadside group Autogrill has increased its shareholding in airport retailer and in-flight caterer Alpha Airports.
Autogrill has acquired 30,610,672 shares from French airline caterer Servair, equivalent to a 17.4% shareholding in Alpha Airports.
Combined with its existing shareholding it gives it a share holding in Alpha of 29.9%, just below the limit that would trigger an automatic bid for the remaining share capital of the company under London Stock Exchange rules.
The Italian roadside group has also entered into a non-binding agreement with Servair, which grants it exclusivity over the company's remaining 9.1% share holding in Alpha until 11 June.
Autogrill said it continued to review its options including whether or not to make an offer for the entire issued share capital of Alpha.
The company made an unsuccessful approach for Compass Group's SSP travel concession business, which went to private equity firm EQT.
By Chris Druce