Swiss travel retailer Dufry to acquire Italy's Autogrill

Duty-free retailer Dufry said Monday it would acquire Italian airport and motorway caterer Autogrill, expanding the Swiss company's growth opportunities in international markets as travel rebounds. Italy's Benetton family - the largest investor in Autogrill through its Edizione holding company - will transfer its entire 50.3% stake to Dufry at an exchange ratio of 0.158 new Dufry shares for each Autogrill share, according to Dufry. Edizione will become Dufry's largest shareholder with a stake of between about 25% and 20%. After the transfer, Dufry will launch a tender offer for the remaining Autogrill shares, wherein shareholders would receive 0.158 new Dufry shares for each Autogrill share. Alternatively, Autogrill shareholders will receive a cash component of E6.33 ($6.43) per Autogrill share. Xavier Rossinyol will lead the combined Group as CEO, Dufry said, adding that Autogrill's current CEO Gianmario Tondato da Ruos will assume the position of executive chairman of the North American business of the combined entity.<br/>