Autogrill shares open up 4.6 percent after de-merger approval

MILAN Mon May 6, 2013 3:13am EDT

MILAN May 6 (Reuters) - Shares of Italian restaurant group Autogrill opened 4.6 percent higher after the company approved plans on Friday for a partial de-merger of its travel, retail and duty free business.

"The de-merger could re-ignite speculative appeal on the stock, because it could favour external growth and release value," said ICBPI analyst Enrico Esposti in a note on Monday.

Autogrill Chief Executive Gianmario Tondato said in a newspaper interview on Monday he sees the travel retail part of the business growing through a possible partnership with an international group.

At 0711 GMT, shares were up 3.9 percent at 10.39 euros.

(Reporting by Jennifer Clark, editing by Francesca Landini)