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Aldeasa deems Dufry offer inadequate.

AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD

Spanish airport retailer Aldeasa has rejected a EUR31 per share takeover offer by the Swiss-based Dufry Group.

The amount offered by Dufry is inadequate from the financial point of view for the company's shareholders, Aldeasa said in a statement.

Italian Autogrill, an operator of food and beverage outlets, beat Dufry's offer in January with a EUR33 per share bid in conjunction with Aldeasa shareholder Altadis.

The Autogrill bid, worth EUR693m if it acquires all 21 million shares, is not conditional on winning any minimum stake, and Autogrill can increase the offer by up to 15% without consulting Altadis, the companies said in January.

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Title Annotation:Swiss-based Dufry Group
Publication:Airline Industry Information
Article Type:Brief Article
Geographic Code:4EXSI
Date:Feb 23, 2005
Words:123
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