Italy’s Autogrill said on Thursday that, under agreements its signed with creditors to ease debt covenants, it could only pursue growth through M&A starting from 2023.
In a document published ahead of the launch of a capital increase worth 600 million euros, the group controlled by the Benetton family said it would devote 500 million euros coming from the rights issue to cut financial debt.
Costs for executing the capital increase would amount to 22 million euros, with 78 million euros remaining for building a liquidity buffer.
The group said it could not predict at present when its net result would turn positive.
Source: Reuters.com