Rome – Another Italian company ends up in foreign hands: the Swiss Dufry has in fact bought World Duty Free by Benetton. The family holding of Ponzano Veneto has reached a binding agreement to divest the group of Basel its stake (50.1%) held by Schema34 (controlled holding Edition). The sale price is € 10.25 per share WDF, for a total consideration for Schema34 of 1.3 billion euro. With integration comes the world’s leading travel retail Airport, a group worth over 3.6 billion euro. The retail chain of airports was at the center of several hypotheses for some time now. In late January, the Benetton had shown themselves open to receive any offers. Dufry already at the time was among the potential suitors. Now the group of Swiss won the day at the end of a competitive process. The goal was to ensure a WDF (assisted by Deutsche Bank as financial advisor) a successful positioning in the long term. The sale transaction is expected to close by the third quarter of this year. Won a majority, the Swiss should launch a takeover bid in respect of the other shareholders. In June last year, Dufry had bought for 1.2 billion Nuance Group (based in Zurich that manages several hundred shops in airports) by Noel International with the aim to expand in the Mediterranean.
- Arguments:
- World Duty Free
- Stakeholders :
- Dufry
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