Dufry to acquire Italy's Autogrill, shares jump
11/07/2022 10:03
(Updates shares, adds trader quote)
** Shares in Dufry DUFN.S up 6.2% as the Swiss duty-free
retailer is set to acquire Italy's Autogrill AGL.MI
** Dufry will acquire Italian airport and motorway caterer
Autogrill, with Italy's Benetton family transferring its entire
50.3% stake to Dufry at an exchange ratio of 0.158 new Dufry
shares for each Autogrill share urn:newsml:reuters.com:*:nL1N2YR0GE
** Baader Helvea says the deal is a good strategic fit,
given that travel retail is an "economy of scale-game", where
size matters
** The brokerage adds that there is an overlap of
activities, which could be a good match
** "We believe that this transaction should help to
diversify both Dufry and Autogrill's existing businesses and the
combined entity should benefit from stronger landlord
relationships," RBC says
** "Dufry's takeover is 'an operation at a discount'," a
trader says, adding that given the cash tender offer of 6.33
euros, the stock is adjusting to this price
** Autogrill shares are down 8%
** Dufry stock tops STOXX 600 index .STOXX
(Reporting by Bartosz Dabrowski)
((bartosz.dabrowski@thomsonreuters.com; +48 58 7696560;))