The marriage between Swiss duty-free leader Dufry and Italian catering specialist Autogrill ended on Friday and officially gives birth to a giant in travel services. The new Dufry, whose Edizione holding, controlled by the Benetton family, becomes the main shareholder with 27.5% of the capital, will serve “2,300 million passengers in more than 75 countries.”
The merger between the Swiss group and the iconic Italian company was finally announced on July 11, 2022 after months of rumours. According to the 2019 results, the new entity will weigh “around 14 billion Swiss francs (the same amount in euros)”. These are the figures before the Covid 19 pandemic and the terrible consequences for the travel, tourism and restaurant sector, the core business of the new group, which will employ 60,000 people.
Under Italian law, Dufry must now launch a public exchange offer for the Autogrill shares that are still outstanding. The Swiss group estimates that “the transaction, including the mandatory exchange offer, will be completed by the end of the 2nd quarter of 2023.” Dufry will start to fully consolidate Autogrill from February 1, 2023 and the integration process is about to start. ”, the statement said.
Definition of a corporate identity
The integration will also include the definition of a corporate identity and a company name for the combined group, “representing the enhanced portfolio, complementary offerings and valuable experience of both companies,” the Swiss group further specifies. The management of the new giant will remain in the hands of Xavier Rossinyol, the current CEO of Dufry. Its financial director, Yves Gerster, also remains in his position.
As the main shareholder, Edizione obtains two positions on the board of directors of the new entity: Alessandro Benetton, who took the reins of Edizione in January 2022, and Enrico Laghi, general director of the Italian holding. Juan Carlos Torres remains as Chairman of the Board. During the first nine months of 2022, Dufry achieved a turnover of more than 5 billion Swiss francs, “ie an organic growth of 98.8% compared to 2021 in constant currency,” the CEO stressed in November.
“We achieved this strong performance despite travel disruptions and airport capacity limits during the summer months, rising inflation and energy prices, currency movements and geopolitical uncertainties,” he insisted. Xavier Rossinyol. “We are confident of delivering a strong full-year 2022 result despite continued macroeconomic, geopolitical and health difficulties,” he added, noting that the group continued “to see strong demand in the fourth quarter. .
“Start of a New Journey”
The merger with Dufry “marks the end of an era and the beginning of a new journey” for Autogrill, CEO Gianmario Tondato Da Ruos said. In 1947, the first small bar had opened on the Milan-Turin highway, at the Novare tollbooth. This precursor to Autogrill will later give way to modern buildings on the roads, symbols of the rise of the sector.
With the economic boom, the business is transformed in a few years into a million-dollar company. In 1977, the State came to the aid of the three management companies, Pavesi, Motta and Alemagna, which were thrown into crisis as a result of the oil crisis. In 1995, Autogrill leaves the bosom of the State and the Benettons become the majority shareholder. Two years later, the company was listed on the Milan Stock Exchange, from which it left once the merger with Dufry was sealed.
Source: BFM TV
