INTERNATIONAL. Dufry Group has secured an 87.13% stake in food & beverage group Autogrill’s share capital following an initial tender period to shareholders. The share consolidation process is part of the drive to combine the two groups to create a new travel retail to dining superforce. Once the threshold reaches 90%, Dufry can move to delist Autogrill shares from the Milan stock exchange.
As reported, the agreement between the two companies involved a mandatory tender exchange offer to the market to exchange Autogrill shares for Dufry shares or alternatively for cash.
How the two groups view the travel retail to dining opportunities through the new business combination
Based on the preliminary results, 98.64% of the Autogrill shares tendered opted for the share consideration (0.1583 newly-issued Dufry shares for each Autogrill share), and 1.36% of the shares tendered opted for the cash alternative consideration (€6.33 for each Autogrill share).
Based on the preliminary results, Dufry said it expects to issue around 22.13 million new shares. The first day of trading is expected to be 25 May.
An exclusive video interview with Dufry CEO Xavier Rossinyol, conducted by The Moodie Davitt Report Founder & Chairman Martin Moodie, was among the big highlights of The Trinity Forum last November. Click above for the full conversation about the Dufry-Autogrill agreement.
Earlier this year, Dufry completed the acquisition of a 50.3% stake from Benetton family holding Edizione, which became the Swiss group’s largest shareholder.
The combined entity will address 2.3 billion passengers in over 75 countries in around 5,500 outlets. These embrace some 1,200 airport and other locations with CHF13.6 billion revenue (2019 pro-forma) and CHF1.4 billion EBITDA (2019 pro-forma, pre-IFRS 16). 
