 |
INTERNATIONAL. Dufry yesterday (7 August) closed the acquisition of the 50.1% stake of World Duty Free S.p.A (WDF) from Edizione S.r.L (Edizione) for €10.25 per share in cash, corresponding to a total consideration of €1.31 billion (CHF 1.38 billion).
The transaction was unconditionally approved by all relevant antitrust authorities, including – crucially – the European Commission the day before.
 |
“We plan to drive our business to new levels in term of capturing global passenger flows, execution capabilities and efficiencies“ |
Julián Díaz Dufry CEO & Chairman of World Duty Free |
As part of the closing, four of the nine existing members of the WDF Board of Directors have resigned as per 7 August 2015 from their functions as company officers: Gianmario Tondato da Ruos (Chairman), Gilberto Benetton (Director), Gianni Mion (Director) and Alberto De Vecchi (Director). They have been replaced by four members of the Dufry Group Executive Committee: Julían Díaz González (CEO), José Antonio Gea (COO), Luis Marin (CCO) and Andreas Schneiter (CFO).The office as Chairman of the Board of WDF has been assigned to Dufry CEO Julían Díaz, to whom also certain managing powers have been granted.
As a result, the newly constituted Board of Directors of WDF is composed as follows:
• Julían Díaz González, Chairman of the Board
• Eugenio Andrades, Chief Executive Officer
• Carla Cico, Independent
• Laura Cioli, Independent
• Lynda Christine Tyler-Cagni, Independent
• José Antonio Gea
• Luis Marin
• Paolo Roverato
• Andreas Schneiter
Dufry is now preparing the Mandatory Tender Offer (MTO) for the remaining 49.9% of the WDF shares as required by Italian law and will file the offer document for approval by the Consob (Public authority for regulation of Italian financial markets). The offer price for the MTO will be Euro 10.25 as paid to Edizione.
Dufry will start to fully consolidate WDF from August onwards and will launch its integration process shortly. Dufry expects to generate synergies in the amount of €100 million per year to be fully reflected in the next 18-24 months. The synergies are planned to be realised at gross profit margin level as well as through structural improvements and the integration of support functions of the global and regional organisations.
The combination with WDF will further enhance Dufry’s global position in the travel retail industry with a market share of approximately 24% in airport retail globally. The combined entity will comprise a geographically diversified concession portfolio with operations in 62 countries and close to 400 locations, providing a balanced exposure to developed and emerging markets and spanning across all five continents.
 |
Julían Díaz commented: “The closing of the acquisition of WDF is a truly unique and highly transformational transaction for Dufry with an excellent strategic fit that well balances our global geographic footprint in developed and emerging markets.
“With the integration of World Duty Free, we will enhance our leading position in the industry and we plan to drive our business to new levels in term of capturing global passenger flows, execution capabilities and efficiencies. This acquisition will allow us to create additional value for our shareholders. On behalf of the whole Dufry team, I warmly welcome all our new World Duty Free colleagues.”
FOOTNOTE: Dufry CEO and World Duty Free Chairman Julián Díaz will be a stand-out speaker at next month’s Trinity Forum in Hong Kong on 16-18 September. Click here for the programme and other details.
http://www.trinity2015.com/
