ITALY/SWITZERLAND. Autogrill today announced that it is in “ongoing discussions without any exclusivity” with Dufry regarding a possible “integration” between the two groups. Dufry also commented briefly (see below) to confirm that talks were continuing.
The Italian food & beverage giant, which also controls HMSHost and HMSHost International was responding to a Bloomberg story earlier in the day which said that an accord to form a travel retail leader could be announced in July.
As reported, Autogrill confirmed in April that it was exploring various strategic options with sector participants to promote the development of Autogrill and create value for all stakeholders.
Autogrill’s full statement today said: “With reference to today’s press rumours related to a possible transaction involving an industrial combination with the Dufry Group, Autogrill announces, to the extent of its competence and also on the basis of the information received from the controlling shareholder Edizione S.p.A., that there are ongoing discussions, without any exclusivity, regarding a possible integration between the two Groups.
“As previously communicated, Autogrill is interested in evaluating strategic opportunities aiming at promoting and developing the Group as well as creating value for all its stakeholders. Autogrill will promptly inform the market if the legal requirements are met.”
Dufry also commented, saying, “In light of recent media reports and market speculations, Dufry confirms that it is involved in discussions regarding a possible transaction involving Autogrill S.p.A.
“Dufry regularly examines its strategic options. However, 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. Dufry will keep the market informed if and when appropriate.”
Bloomberg wrote that the two parties were “nearing a deal”.
“Talks between the Swiss and Italian companies are at an advanced stage and an agreement could be signed as soon as next month,” it said, quoting anonymous sources “close to the deal”.
The report said that under the deal structure being considered, Dufry would purchase Autogrill and pay in shares, the people said. The Edizione’s controlling shareholders, the Benetton family, would in turn be the new listed entity’s biggest single investor, with a stake of about 20%, Bloomberg’s sources said.
However, the report cautioned that talks are continuing and could still collapse, and that the deal could also be put on hold.
