Swiss duty free retailer Dufry DUFN.S is in talks to tie-up with Italian airport and motorway caterer Autogrill AGL.MI in a deal that would create a travel chain with approximately €6.3 billion in annual revenues.
Details
The companies confirmed they were in non-exclusive talks on Tuesday after Bloomberg News reported discussions were advanced and a deal could be reached as early as next month.
Dufry would pay for Autogrill in shares, while Italy's Benetton family - the largest investor in Autogrill through its Edizione holding company - would become the top shareholder in the merged group with a 20% stake, Bloomberg said.
Shares in Autogrill were up 5% at 1226 GMT on Tuesday 28 June. Shares in Dufry were up 3.6%.
Autogrill reiterated the group was interested in exploring strategic opportunities to develop and create value for shareholders.
Separate Dufry Statement
Dufry said in a separate statement that it "regularly examines its strategic options".
It added that "at the moment, there is no certainty that any of these discussions will result in any transaction, nor with regard to its nature, terms and conditions."
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