03.02.2023 20:00

Combination between Dufry and Autogrill successfully closed


Dufry International AG / Key word(s): Mergers & Acquisitions
Combination between Dufry and Autogrill successfully closed

03-Feb-2023 / 20:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.


On February 3, 2023, Dufry and Edizione successfully closed the transfer of the 50.3% stake in Autogrill S.p.A held by Edizione S.p.A (through a wholly owned subsidiary) to Dufry. Through the closing, Edizione has become the largest shareholder of Dufry. Dufry will launch a mandatory public exchange offer on the remaining Autogrill shares.  

  • The combination of Dufry, global leader in Travel Retail, and Autogrill, global leader in Travel Food & Beverage (F&B), creates a unique, integrated Travel Experience Player
  • Through the closing, Edizione holding a stake of about 27.5% has become the largest Dufry shareholder, joining Dufrys other long-standing shareholders, and Alessandro Benetton has become Honorary Chairman of Dufry, while Juan Carlos Torres continues as Chairman of the new enlarged company
  • As previously announced, pursuant to Italian law, Dufry will launch a mandatory public exchange offer for the remaining Autogrill shares (excluding treasury shares), and expects to complete the full transaction including the mandatory exchange offer settlement by the end of Q2 2023
  • The combined entity addresses 2.3 billion passengers in more than 75 countries in around 5,500 outlets across around 1,200 airports and other locations with around CHF 14 billion turnover (2019 pro-forma) and CHF 1.3 billion of EBITDA (2019 pro-forma, pre-IFRS 16)
  • The integration process will be launched following closing of the transaction

Xavier Rossinyol, CEO of Dufry, commented: "I thank Edizione and its Chairman Alessandro Benetton as well as CEO Enrico Laghi for their trust in sharing our vision and supporting our strategy through their long-term commitment as a Dufry shareholder. I also thank Paolo Roverato and Gianmario Tondato da Ruos, Chairman and CEO of Autogrill respectively, for their key role and continued support in this transaction. Moreover, I thank the Dufry Board of Directors and its Chairman Juan Carlos Torres for their contribution towards this transformative business combination as well as all our shareholders for their trust in Dufry and our new strategy «Destination 2027».  

I am looking forward to working together as a strong team combining the know-how and above all the passion of the Dufry and Autogrill colleagues. We will leverage our mutual skills to develop more compelling offers for our customers and build the next generation of travel experience together. I am grateful to Dufrys and Autogrills employees for their tireless work and significant contributions in bringing our joint vision to life.  

Alessandro Benetton, Chairman of Edizione, commented: Edizione, an Italian industrial holding company and now Dufry's largest shareholder, considers its shareholding in Dufry strategic, as are Atlantia and Benetton Group; as such, Edizione will give its maximum strategic, financial and operational support to this important project, in particular by focusing its commitment on three essential themes: sustainable growth, attention to the many people who work daily in the organization and compelling international vision.

I would like to extend my sincere thanks to the outstanding Edizione and Dufry teams who worked on the transaction.


In accordance with the Combination Agreement entered into on July 11, 2022, and in consideration for the transfer of the 50.3% stake in Autogrill to Dufry, Edizione (through its wholly owned subsidiary Schema Beta S.p.A.) was issued mandatory convertible non-interest bearing notes convertible into an aggregate of 30,663,329 newly issued Dufry shares, at an implied exchange ratio of 0.1581 new Dufry shares for each Autogrill share. Edizione exercised its conversion right following closing of the transfer and was issued 30,663,329 Dufry shares (equal to 25.246% of Dufry's registered share capital). Considering the additional Dufry shares acquired on the market between the signing and the closing by Edizione, the latter holds a stake of about 27.5% of Dufry's registered share capital.




Dufry will start to fully consolidate Autogrill from February 1, 2023 onwards and the integration process is about to be launched.

The integration will also include defining a corporate identity and company name for the combined group, representing the enhanced portfolio, complementary offerings and valuable expertise of both companies.


The combined Group serves over 2.3 billion passengers across all continents in approx. 5,500 outlets at around 1,200 airport and other locations, generating around CHF 14 billion turnover (2019 pro-forma) and CHF 1.3 billion of EBITDA (2019 pro-forma, pre-IFRS 16). With a global footprint and presence in more than 75 countries, the Group offers an exceptional experience and knowledge within the industry and enables strong, mutual value-creating relationships with concession partners and suppliers. The Group employs around 60,000 people from over 150 nationalities globally, united as one team. 




With the closing of the transfer, the Dufry Board of Directors welcomes Alessandro Benetton (Chairman of Edizione) and Enrico Laghi (CEO of Edizione), both having been conditionally elected to the Dufry Board at the Extraordinary General Meeting of Shareholders held on August 31, 2022, subject to the closing of the transaction. Enrico Laghi was also elected a member of Dufrys Remuneration Committee. 

As of closing, the Dufry Board of Directors is therefore composed of:

  • Juan Carlos Torres, Chairman  
  • Alessandro Benetton, Honorary Chairman
  • Enrico Laghi, Vice Chairman
  • Heekyung Jo Min, Lead Independent Director, Chair of the Nomination and ESG Committee
  • Mary G. Steel Guilfoile, Chair of the Audit Committee
  • Luis Maroto Camino, Chair of the Remuneration Committee
  • Xavier Bouton
  • Joaquín Moya-Angeler Cabrera
  • Ranjan Sen
  • Lynda Tyler-Cagni
  • Eugenia M. Ulasewicz

As previously announced, Xavier Rossinyol with his extensive skills in both travel retail and travel food & beverage will lead the combined Group as CEO. Yves Gerster will continue as the Groups CFO.

Members on the Autogrill Board of Directors and Chief Executive Officer 
As a result of the transfer, Autogrills Board of Directors has a new composition. Autogrills former CEO Gianmario Tondato da Ruos, Alessandro Benetton, Franca Bertagnin Benetton, Massimo Di Fasanella dAmore Di Ruffano, Simona Scarpaleggia and Paolo Zannoni resigned from their respective offices. The following new members of the Board of Directors of Autogrill have been appointed: Bruno Chiomento, Francisco Javier Gavilan, Nicolas Girotto, Marella Moretti, Emanuela Trentin and Xavier Rossinyol. They will complement Autogrills Board of Directors and join the existing members Ernesto Albanese, Rosalba Casiraghi, Francesco Umile Chiappetta, Barbara Cominelli, Manuela Franchi, Maria Pierdicchi and Paolo Roverato. 

Bruno Chiomento, Francisco Javier Gavilan, Nicolas Girotto, Marella Moretti and Emanuela Trentin are independent in accordance with Italian law and the Corporate Governance Code of Companies Listed on Euronext Milan. Therefore, 11 out of 13 of the members of the Board of Directors of Autogrill will be independent. 

In accordance with the Combination Agreement, Dufry has indicated Paolo Roverato as Chief Executive Officer of Autogrill. Bruno Chiomento has been indicated by Dufry as new Independent Chairman of the Board of Directors of Autogrill and as member of the Control, Risk and Corporate Governance Committee, Human Resources Committee and Committee for Transactions with Related Parties. Dufry has also recommended Xavier Rossinyol as Chairman of the Strategies and Sustainability Committee and Marella Moretti as Chairwoman of the Human Resources Committee. The next Board meeting of Autogrill is expected to be held in the next few days and will resolve on the appointments of the Chief Executive Officer, Chairman and Committee members.  

Relationship Agreement 
As announced previously, effective upon the transfer, Dufry and Edizione entered into a long-term Relationship Agreement, which underlines the commitment of Edizione as long-term strategic anchor shareholder supporting the enhanced strategy of the combined entity. Edizione is entitled to designate three representatives out of 11 to the Dufry Board of Directors, and entered into a lock-up undertaking for a period of two years after closing, subject to customary exceptions.

For further information, please click here


Legal Disclaimer 
The mandatory public exchange offer (the "Offer") has not been and will not be made in the United States, Canada, Japan, Australia and any other jurisdictions where making the Offer or tendering therein would not be in compliance with the securities or other laws or regulations of such jurisdiction or would require any registration, approval or filing with any regulatory authority (such jurisdictions, including the United States, Canada, Japan and Australia, the "Excluded Countries"), by using national or international instruments of communication or commerce of the Excluded Countries (including, by way of illustration, the postal network, fax, telex, e-mail, telephone and internet), through any structure of any of the Excluded Countries financial intermediaries or in any other way. No actions have been taken or will be taken to make the Offer possible in any of the Excluded Countries. 

This document is not an offer to sell or a solicitation of offers to purchase or subscribe for shares. This document is not a prospectus within the meaning of the Swiss Financial Services Act and not a prospectus under any other applicable laws. 

This press release may contain certain forward-looking statements relating to Dufry and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of Dufry to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. Dufry disclaims any obligation to update any such forward-looking statements. 

1 The exact exchange ratio being 0.1582781301928567

For further information:


Global Head Investor Relations Global Head Corporate Communications & Public Affairs
Phone : +41 79 563 18 09 Phone : +41 79 461 23 34
kristin.koehler@dufry.com renzo.radice@dufry.com

End of Inside Information
Language: English
Company: Dufry International AG
Brunngässlein 12
4010 Basel
Phone: +41612664444
E-mail: Headoffice@dufry.com
Internet: www.dufry.com
ISIN: CH0023405456
Listed: SIX Swiss Exchange
EQS News ID: 1551739

End of Announcement EQS News Service

1551739  03-Feb-2023 CET/CEST

Ausgewählte Hebelprodukte auf Dufry AG
Mit Knock-outs können spekulative Anleger überproportional an Kursbewegungen partizipieren. Wählen Sie einfach den gewünschten Hebel und wir zeigen Ihnen passende Open-End Produkte auf Dufry AG
Hebel wählen:

Nachrichten zu Dufry AG

  • Relevant
  • Alle
  • vom Unternehmen
  • Peer Group
  • ?

Um Ihnen die Übersicht über die große Anzahl an Nachrichten, die jeden Tag für ein Unternehmen erscheinen, etwas zu erleichtern, haben wir den Nachrichtenfeed in folgende Kategorien aufgeteilt:

Relevant: Nachrichten von ausgesuchten Quellen, die sich im Speziellen mit diesem Unternehmen befassen

Alle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffen

vom Unternehmen: Nachrichten und Adhoc-Meldungen, die vom Unternehmen selbst veröffentlicht werden

Peer Group: Nachrichten von Unternehmen, die zur Peer Group gehören

Analysen zu Dufry AG

  • Alle
  • Buy
  • Hold
  • Sell
  • ?
20.03.2013Dufry kaufenCredit Suisse Group
20.03.2013Dufry kaufenUBS AG
04.02.2013Dufry kaufenVontobel Research
25.01.2013Dufry kaufenVontobel Research
16.01.2013Dufry kaufenVontobel Research
20.03.2013Dufry kaufenCredit Suisse Group
20.03.2013Dufry kaufenUBS AG
04.02.2013Dufry kaufenVontobel Research
25.01.2013Dufry kaufenVontobel Research
16.01.2013Dufry kaufenVontobel Research
16.11.2012Dufry neutralSarasin Research
06.11.2012Dufry neutralUBS AG
05.11.2012Dufry neutralSarasin Research
10.10.2012Dufry neutralSarasin Research
24.09.2012Dufry neutralSarasin Research
16.11.2012Dufry underperformCheuvreux SA
06.11.2012Dufry underperformCheuvreux SA
31.10.2012Dufry underperformCheuvreux SA

Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für Dufry AG nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen

Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"

Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"

Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"
mehr Analysen

JETZT LIVE mit Tradingprofi Haack: So kommen Sie am besten durch die volatile Marktphase

Wie Sie diese stürmischen Börsenzeiten als Privatanleger meistern, auf welche Gefahren Sie achten müssen und wo überraschende Chancen liegen könnten, erklärt Ihnen Trading-Profi Hans-Jürgen Haack heute Abend im Online-Seminar!

Neue Funktionen als Erstes nutzen
Sie nutzen finanzen.net regelmäßig? Dann nutzen Sie jetzt neue Funktionen als Erstes!
Hier informieren!
Börse Stuttgart Anlegerclub

Dufry Peer Group News

Keine Nachrichten gefunden.

Heute im Fokus

DAX schließt stärker -- GfK-Index erholt sich weiter -- Infineon erhöht Gewinnprognose -- ENCAVIS schüttet keine Dividende aus -- Aroundtown, adidas, UBS, Mercedes im Fokus

LEONI soll nach Kapitalschnitt von der Börse genommen werden. US-Behörden sehen Vereinbarungen mit Credit Suisse verletzt. Vorwürfe gegen Signature Bank: Aktionäre klagen wegen Betrugs auf Schadensersatz. Amazon-Geräte in den USA werden zu Funknetz zusammengeschaltet. Entscheidung im Musterverfahren gegen Porsche SE steht bevor. JENOPTIK schüttet höhere Dividende aus. ifo-Beschäftigungsbarometer steigt im März.


Die toten Topverdiener 2022
Diese Legenden sind die bestbezahlten Toten der Welt
Diese Studiengänge haben die DAX-Chefs absolviert
Diese Studiengänge haben die DAX-Chefs absolviert
Top 10: So viel verdienten oder verloren die reichsten US-Amerikaner pro Stunde
So viel verdienten oder verloren die reichsten Amerikaner pro Stunde 2022


Infolge der Bankenkrise trübt sich die Stimmung an den Börsen ein. Befürchten Sie eine Rezession innerhalb der nächsten 12 Monate?

finanzen.net zero
finanzen.net zero



Oskar ist der einfache und intelligente ETF-Sparplan. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig.
Zur klassischen Ansicht wechseln