Dufry AG is a Switzerland-based duty-free travel retailer which operates in 65 countries globally. Autogrill is an Italian-based multinational catering company, which is controlled by the Benetton family, it runs operations in 30 countries globally.
Dufry recently agreed to buy Autogrill from the Italian billionaire family of Benetton. Both companies will combine to form a new integrated global travel experience.
How would the tie-up take place?
Autogrill will transfer 50.3% shares to Dufry and in return will receive 0.158 new Dufry shares for each Autogrill share. The Italian company Autogrill will own approximately 25% share after the collaboration. Dufry can then bid for the remaining Autogrill shares for investors, at either 0.158 shares or $6.4253 in cash for each share in Autogrill company.
This new formation will become a $6 billion group, the talks for collaboration have been going on for quite a while including some informal approaches as well.