Autogrill jumps in wake of Benettons, Blackstone offer for Atlantia
14/04/2022 11:24
** Shares in Italian motorway and airport caterer Autogrill
AGL.MI jump as much as 10.2% on the back of the Benetton
family and U.S. investment fund Blackstone's BX.N buyout offer
for Atlantia ATL.MI urn:newsml:reuters.com:*:nL2N2WC08F
** The family's holding Edizione, which holds a 33% stake in
the airport and motorway operator Atlantia, is also Autogrill's
controlling investor
** Traders say the shares rise on the back of speculation on
a potential reorganization of the family's stake in the caterer,
which Edizione has labelled strategic several times
** A trader suggests that the move on Atlantia might push
the Benetton family "to reorganize the group by potentially
merging it with other competitors" and generate value for
Autogrill
** Bestinver analyst Marco Opipari says he does not see any
link between Autogrill and the takeover bid on Atlantia. He
suggests the market is probably speculating on a potential
Edizione bid on the caterer
** "However, I cannot see the potential benefit (of the bid)
because they (the Benettons) have already a controlling stake
exceeding 50%. (These) are surely speculative movements"
** Autogrill was not immediately available for a comment
** By 1115 GMT shares surge 8.5% to 6.5 euros, while
Atlantia rises 5%
** YTD, the stock has gained 4% including Thursday's hike
(Reporting by Federico Maccioni, Giancarlo Navach and Claudia
Cristoferi, editing by Maria Pia Quaglia)
((Federico.maccioni@thomsonreuters.com))