Advertisement
Canada markets closed

  • S&P/TSX

    21,873.72
    -138.00 (-0.63%)
     

  • S&P 500

    5,071.63
    +1.08 (+0.02%)
     

  • DOW

    38,460.92
    -42.77 (-0.11%)
     

  • CAD/USD

    0.7296
    -0.0024 (-0.33%)
     

  • CRUDE OIL

    82.81
    0.00 (0.00%)
     

  • Bitcoin CAD

    87,952.92
    -3,121.41 (-3.43%)
     

  • CMC Crypto 200

    1,388.22
    -35.88 (-2.52%)
     

  • GOLD FUTURES

    2,329.10
    -9.30 (-0.40%)
     

  • RUSSELL 2000

    1,995.43
    -7.22 (-0.36%)
     

  • 10-Yr Bond

    4.6520
    +0.0540 (+1.17%)
     

  • NASDAQ futures

    17,463.00
    -201.50 (-1.14%)
     

  • VOLATILITY

    15.97
    +0.28 (+1.78%)
     

  • FTSE

    8,040.38
    -4.43 (-0.06%)
     

  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     

  • CAD/EUR

    0.6819
    -0.0017 (-0.25%)
     

Dufry Shares Spike After Autogrill Purchase Announced

Investing.com
·2 min read

By Scott Kanowsky

Investing.com -- Dufry AG (SIX:DUFN) shares soared on Monday after the Swiss duty-free operator announced plans to acquire Italian road-side caterer Autogrill SpA (BIT:AGL).

The move will create a combined group with about 5,500 outlets in around 1,200 airports and other locations around the world. In a statement, Dufry said both companies' pre-pandemic core earnings totaled together CHF 1.4 billion on revenue of CHF 13.6 billion.

Shares in Dufry rose sharply by more than 6% in early trading on Monday, while Autogrill shares fell by 8%.

The powerful Benetton family - the largest investor in Autogrill through its Edizione holding company - will transfer its 50.3% stake in the Italian roadside service station operator to Dufry. Edizione will then become the major shareholder in the combined group with a stake of 20% - 25% once the acquisition closes, Dufry said.

ADVERTISEMENT

Dufry will then make a tender offer for the rest of Autogrill's shares at an exchange ratio of 0.158 Dufry shares for each Autogrill share. Autogrill stakeholders will also be offered a cash equivalent of €6.33 per share.

Basel-based Dufry said that the deal will cut costs, bring down debt, and strengthen the company's balance sheet.

"[W]e will accelerate growth by fully focusing on consumers and the digital revolution, by offering additional value to landlords and airport partners with an expanded service portfolio, while further diversifying the Group and increasing our resilience," said Dufry CEO Xavier Rossinyol.

Rossinyol will lead the combined entity, with Dufry chair Juan Carlos Torres retaining his role. Current Autogrill CEO Gianmario Tondato da Ruos will head the group's North American business.

The transaction is still subject to regulatory approval and is expected to be completed by the second quarter of 2023.

Related Articles

Dufry Shares Spike After Autogrill Purchase Announced

India stocks lower at close of trade; Nifty 50 down 0.03%

Goldman Sachs Sees S&P 500 Plunging to 3150 in Event of a Recession