Gianmario Tondato Da Ruos: Protecting the balance sheet in an uncertain environment

ITALY. Travel dining group Autogrill plans to raise up to €600 million by issuing new shares, following a proposal agreed by its board of directors on Thursday. The moves comes as it aims to protect its balance sheet and will help “finance future investments”, said the company.

Group CEO Gianmario Tondato Da Ruos said: “After a strong focus on minimising the impact of the pandemic in 2020, today, having a better visibility in a still highly uncertain environment, we are starting a journey aimed at strengthening our capital structure, to be financially ready and flexible to take advantage of any potential future opportunities.”

Credit Suisse, Mediobanca – Banca di Credito Finanziario and Citigroup Global Markets will act as Joint Global Coordinators and Joint Bookrunners.

Subject to shareholder and regulatory agreements, it is expected that the capital increase could be completed by the end of the first half of 2021.

The Autogrill share price slid sharply after the news emerged, falling from just over €5 on Thursday morning to €4.26 early today.