The date to mark in red on the calendar is Friday April 14, day he will leave Dufry's public exchange and purchase offer on Autogrill aimed at the delisting. Following Consob's go-ahead for the operation, the offer document and the exemption document relating to the takeover bid were published. The subscription period will be equal to 21 trading days and will end on May 15th, inclusive, barring any extensions.
Dufry's takeover bid on Autogrill: here are the details
On 3 February, Edizione completed the transfer of 50,3% of Autogrill to the Swiss Dufry, a share functional to the now famous marriage which will lead to the birth of a new world player in the catering and retail services sector for travellers. The combined entity will serve more than 2,3 billion travelers in 75 countries, employing approximately 60 people in 5.500 points of sale in 1.200 airports and other locations. Based on forecasts, the total revenues will amount to approx € 14 billion, while the ebitda will be around 1,3 billion (pro forma 2019).
The offer, according to the documents published today, “is aimed at promoting the strategic integration objectives of Dufry and Autogrill, with the prospect of creating a global group in the fields of travel retail and travel food & beverage (F&B)”.
“Thanks to this industrial integration, two companies that are already international leaders in their reference sectors will create a global champion in commercial and catering activities at the service of travellers,” he commented. Alessandro Benetton, President of Edition, in early February – In the years to come, the combined entity will in fact represent the ideal platform for seizing growth opportunities also thanks to new ideas and new services".
“Edizione, as an Italian company and the first shareholder of Dufry, considers its participation strategic, as are Atlantia and Benetton Group and is ready to give maximum strategic, financial and operational support to this great project,” he added.
We recall that last February the new directors of Autogrill were also appointed, with the Board of Directors choosing them Paolo Roverato in the role of managing director and Bruno Chiomento as independent chairman.
Takeover bid: 0,1583 Dufry shares or 6,33 euros per share
The offer proposes 0,1583 shares of Dufry common stock newly issued for each Autogrill share or, alternatively, 6,33 euros for each share brought into membership. The choice will be at the discretion of each participating Autogrill shareholder.
The offer is promoted exclusively in Italy and is aimed at all holders of Autogrill shares on equal terms.
Il membership period takeover bid, will start at 8:30 on 14 April 2023 and end at 17.30 on 15 May 2023. At that point the delisting will start and Autogrill will become yet another company to leave Piazza Affari. 2022 closed with 33 billion less capitalization due to takeover bids and delistings. If we also add to this figure the move of Exor – with a market cap of 15 billion – from Milan to Amsterdam, we arrive at over 48 billion of capitalization evaporated in just one year out of a total of 695 billion.
