- Angela Gonzalez-Rodriguez |
Edizione Srl and Schematrentaquattro SpA, the investment vehicle of the Benetton family, has reached a binding agreement with Dufry AG to sell all of its shares of Duty Free SpA (Former Aldeasa).
The stake acquired by Dufry equals to 50 percent of the share capital of WDF and, as its has transcended, the sale price is 10.25 euros per share of WDF, so the total amount paid by Schema34 amounted to 1,300 million euros.
The price per share represents a premium of approximately 22 percent in the average share market price, weighted by volume WDF shares in the last six months to date, as highlighted by the Italian press.
However, the closing of the sale of 50.1 percent of the share capital of WDF is pending on approval from the shareholders of Dufry of a capital increase intended to partially finance the transaction.
In addition, competent antitrust authorities must give its approval to the transaction.
A group of shareholders representing approximately 30 percent of the voting capital of Dufry have offered Edizione and Schema34 its irrevocable undertaking to vote in favour of the capital increase in the shareholders' meeting.
Sources close to the transaction cited by Reuters suggest that the closing of the sale of the participation of Schema34 will occur in the third quarter of 2015.
Upon completion of the acquisition, Dufry will launch a tender offer to acquire the remaining shares of WDF, in accordance to and in compliance with Italian law.
According to the Benetton family, selling WDF Dufry will "ensure the business positioning long-term success," reported 'The Economist'.