Dufry to acquire Italy's Autogrill (updated)
11/07/2022 01:08
(Adds details on the deal)
July 11 (Reuters) - Dufry DUFN.S said on Monday it will
acquire Italian airport and motorway caterer Autogrill AGL.MI ,
expanding the Swiss duty-free retailer's growth opportunities in
international markets.
Italy's Benetton family - the largest investor in Autogrill
through its Edizione holding company - will transfer its entire
50.3% stake to Dufry at an exchange ratio of 0.158 new Dufry
shares for each Autogrill share, according to Dufry.
Edizione will become Dufry's largest shareholder with a
stake of between about 25% and 20%.
After the transfer, Dufry will launch a tender offer for the
remaining Autogrill shares, wherein shareholders would receive
0.158 new Dufry shares for each Autogrill share. Alternatively,
Autogrill shareholders will receive a cash component of 6.33
euros ($6.43) per Autogrill share.
Xavier Rossinyol will lead the combined Group as chief
executive officer, Dufry said, adding that Autogrill's current
CEO Gianmario Tondato da Ruos will assume the position of
executive chairman of the North American business of the
combined entity.
The companies had confirmed they were in non-exclusive talks
in late June. urn:newsml:reuters.com:*:nL8N2YF3DI
($1 = 0.9843 euros)
(Reporting by Maria Ponnezhath in Bengaluru and Brenna Hughes
Neghaiwi; Editing by Tom Hogue and Rashmi Aich)
((Maria.Ponnezhath@thomsonreuters.com; +91 8061822749;))