Dufry buys World Duty Free stake, targets full takeover
Travel retailer Dufry is to move for the remaining share of rival World Duty Free after completing its EUR1.31bn (US$1.44bn) majority stake purchase.
Basel-based Dufry announced in March that it would take a 50.1% stake in World Duty Free, which is owned by Italian holding company Edizione. With that deal closing last week, Dufry will seek to acquire the remaining shares in a mandatory tender offer (MTO) as required by Italian law.The offer price for the MTO will be EUR10.25, the same as for the initial stake buy.
The acquisition will give Dufry a 24% global market share in airport retail. The combined company will cover 62 countries and 400 locations.
Meanwhile, four members of Dufry's executive committee, including CEO Julían Díaz González, have moved onto World Duty Free's board.
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