European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Dufry and Autogrill agree an all-stock deal (0.158 DUFN SW x 1 AGL IM) to create a travel-related concession giant. The Benettons will become the largest shareholders (c.25%).</li>
<li>The deal should bolster Dufry's balance sheet and add scale, helpful in tenders. Shareholders of Autogrill seem to be the main beneficiaries of the deal.</li>
<li>As per the terms, spread on all-share is 14% premium, while that on cash alternative is 0.2% premium. Only a recovery of Dufry's share price would justify opening a position.</li>
</ul>


Dufry and Autogrill agree an all-stock deal (0.158 DUFN SW x 1 AGL IM) to create a travel-related concession giant. The Benettons will become the largest shareholders (c.25%).
The deal should bolster Dufry's balance sheet and add scale, helpful in tenders. Shareholders of Autogrill seem to be the main beneficiaries of the deal.
As per the terms, spread on all-share is 14% premium, while that on cash alternative is 0.2% premium. Only a recovery of Dufry's share price would justify opening a position.


Dufry/Autogrill: Another Attempt to Create a Travel-Concession Giant

Italy

Autogrill is an Italian multinational catering company providing food and beverage services primarily for travelers. The company operates concession facilities in motorway service areas, airports, and railway stations globally, offering both proprietary brands and licensed international brands. Autogrill was founded in 1977 and is headquartered in Rozzano, Italy.

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Autogrill (AGL IM)

Dufry/Autogrill: Another Attempt to Create a Travel-Concession Giant

Travel retail has historically been a sector prone to consolidation due to the competitive tenders through which groups obtain space in airports....

Jesus Rodriguez Aguilar

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