Dufry's takeover bid on Autogrill has closed. The Swiss travel retail company now holds 94,5% of the capital of the Italian company and can now proceed with its delisting from Piazza Affari, subject to the purchase of the remaining 5,4956% of the capital.
The objective of the transaction is to create a global player, with a strong presence in the United States and Europe and a significant base in the Asian markets, over 12 billion euros of revenues and an ebitda of approximately 1,3 billion. "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" commented Alessandro Benetton, president of Edizione at the launch of the operation. . “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 the Italian company and 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.
The final details of the takeover bid
The offer, left on April 14th last to end on May 15, it was extended for the first time until May 18, to which were added later another 5 days.
During the period of reopening of deadlines 27.801.682 ordinary shares of Autogrill were tendered for the Offer (also through the US Private Placement), representing 7,2206% of the Issuer's share capital and 14,5783% of the Autogrill shares subject to the Offer, says the note from the Swiss company. Added to these are the 335.474.600 Autogrill ordinary shares already held by the Offeror before the start of the Reopening of the Terms so that the Offeror will directly hold a total of 363.276.282 Autogrill ordinary shares, equal to 94,3493% of its share capital. Adding up the 597.300 treasury shares held by Autogrill as of today, the Participation held in Autogrill's share capital by the Offeror, directly and, as regards Treasury Shares, indirectly, at the end of the Reopening of the Terms is made up of 363.873.582 shares, representing the 94,5044% of the share capital of Autogrill, specifies the company note.
Autogrill and Dufry with first quarter growth
In the first quarter, the Italian multinational recorded an increase of 40% over the year, reaching revenues of one billion euros against 719 million last year. Net of the disposals made in the period, the numbers for the first quarter represent approximately 96% of 2019. Dufry also reported a positive result, which in the first quarter of 2023 beat market expectations by recording an increase in turnover of 113,4%. 2,35% to 2,4 billion Swiss francs (about XNUMX billion euros).
