The Benettons sell duty free. After months of rumors, Switzerland arrives but this time the Venetian family says goodbye to airport shops. The Edizione holding, the Ponzano Veneto safe, sells to the Swiss giant Dufry the entire 50,1% stake in the subsidiary World Duty Free (Wdf), born just a year and a half ago, from the split with the parent company Autogrill.
The Swiss will buy the Ponzano share at 10,25 euros per share: the Benettons come out with 1,3 billion in liquidity. The premium is substantial, it is 22% over the last six months. But perhaps the market was expecting something more: on the Stock Exchange the stock had exceeded 11 euros on Friday and then closed at 10,96. Now the reaction of the market is expected with the opening of the Stock Exchange tomorrow morning.
With the operation Dufry, who had already bought Nuance, becomes number one in Europe and takes the lead in the world rankings. The announcement comes after a succession of rumors that negotiations are underway. The sale of the controlling stake by Benetton came following a competitive procedure, at the end of which the Swiss group was chosen, explained a note from the company, due to the strategic value of integrating the travel retail business international airport. In the end, the choice fell on the long-term suitor: already years ago, Dufry had entered into negotiations, which then stalled. This time, however, the Swiss would also have financial support from Qatar, according to market rumors reported by Il Sole 24 Ore.
