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ITALY. The Benetton family-controlled group Edizione has auctioned 9.18% and 9.15% stakes in Autogrill and World Duty Free respectively, taking its holding in each company to 50.1%.
Investment title Euroweek reported that Edizione raised €335 million from the sale, which was carried out in line with plans announced before Autogrill and World Duty Free were demerged on 1 October.
The sale to institutional investors was carried out by Edizione-owned unit Schematrentaquattro, with JP Morgan Securities acting as sole book runner. Prior to the sale Schematrentaquattro held 59.28% of Autogrill and 59.26% of World Duty Free.
Edizione will now not make any further change to its holding in either company for 180 days.
