MILAN, July 6 (Reuters Breakingviews) - Ali Group’s growing appetite for U.S. pizza ovens may cause indigestion. The unlisted Italian owner of Carpigiani gelato machines has raised its cash offer for cooking-equipment maker Welbilt (WBT.N) to $24 a share. The $3.4 billion price tag is a 4% premium to an already rich cash approach made in May. Based on an implied enterprise value of $4.6 billion, the original offer would have generated a 6% return on investment, unlikely to cover the target’s cost of capital, Breakingviews calculations show. U.S. rival Middleby (MIDD.O) must now decide whether to add extra toppings to its own all-share offer, currently worth nearly $3.1 billion. Chunkier projected savings explain the move by Ali, which boasts McDonald’s (MCD.N) and Starbucks (SBUX.O) as clients. Market pressure may also have played a part. Welbilt shares have traded above $23 since Ali unveiled its intentions. For Middleby, the race to secure control of the kitchen just became spicier. (By Lisa Jucca) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Alstom’s Bombardier deal comes home to roost read more Hong Kong IPOs join 21st century read more Glencore chairman ticks most boxes read more Beijing prices up cost of e-commerce data abuses read more Pharma primed for LBO hot potato read more