Italian Roadside services group Autogrill has taken its shareholding in Alpha Airports to more than 30% triggering a formal offer period for the in-flight caterer and airport retailer.

After building its shareholding to just less than 30% last week the suitor has received an undertaking for Alpha Airport’s board of directors to purchase more.

However, following the purchase of 22,544,511 shares today Autogrill now has a shareholding in Alpha of approximately 43%.

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 a further announcement would be made in due course.

The company made an unsuccessful approach for Compass Group’s SSP travel concession business, which went to private equity firm EQT.

Autogrill increases shareholding in Alpha Airports >>