The public offer for Carestel Group
Following the acquisition of 65.2% of Carestel Group, finalized on 20th October 2006, Autogrill launched a cash take-over bid on the remaining 3,089,516 shares (34.8% of the share capital) at the same price of €5 per share. The warrants and options were valued accordingly. As per 10th January, the bid’s closing date, 2,729,534 shares (30.75% of the capital), 584,499 warrants and 165,501 options have been tendered to the bid, which added to the 5,793,085 shares already held bring Autogrill’s interest in Carestel Group to 95.95% (warrants and options excluded).
The squeeze-out of Autogrill
Autogrill then proceeded with a squeeze-out of the remaining Carestel Group shares.On completion of this operation, on 2nd February 2007, Autogrill’s interest in Carestel Group had risen to 99.81%. Carestel Group shares not lodged by the deadline will be automatically transferred to Autogrill. On the same day, Carestel Group was delisted from Euronext Brussels.
A further impetus to the development in Europe
- Revenues of €72.9m and Ebitda of €5.3m in 2005
- 1,100 employees
- 6 European airports (Brussels, Hamburg, Stuttgart, London City, Basel Mulhouse and Lille)
- 35 locations on Belgian and Luxembourg motorways
The operation enables Autogrill to speed up its expansion in the European f&b concession market, bringing the number of its European airports to 52 and also extending its motorway f&b network in Belgium.
Through Carestel, Autogrill gains entry to Brussels Airport, the 20th largest airport in Europe, with over 16 million passengers in 2005, and consolidates its position in Germany by adding Hamburg (70 airlines serving 120 global destinations) and Stuttgart (60 airlines operating 400 flights a day). The transaction also puts Autogrill in London City Airport, the only one in the centre of the UK capital, just 16 km from Westminster and 10 km from the City, and in Basel Mulhouse and Lille airports.
In 2005, Carestel posted sales of €72.9m (65% airports, 35% motorways) and Ebitda of €5.3m and completed a process of major geographic and operational refocusing. The Group operates under its own brand name and under license brands such as Pizza Hut, Java and Quick through the CaresQuick joint venture.