Dufry announced on August 7 that it closed the acquisition of the 50.1% stake of the World Duty Free S.p.A. (WDF) from Edizione S.r.L. (Edizione) for euro 10.25 per share in cash, corresponding to a total of euro 1.31 billion as indicated earlier.
Along with the closing, four of the nine WDF board members have resigned, and the remaining underwent relocations. As a result, the newly constituted board is composed as follows:
- Julían Díaz González, chairman of the board
- Eugenio Andrades, chief executive officer
- Carla Cico, independent
- Laura Cioli, independent
- Lynda Christine Tyler-Cagni, independent
- José Antonio Gea
- Luis Marin
- Paolo Roverato
- Andreas Schneiter
Dufry is now preparing the Mandatory Tender Offer (MTO) for the remaining 49.9% of the WDF shares as required by Italian law and will file the offer document for approval by the Consob. The offer price for the MTO will be Euro 10.25 as paid to Edizione.
Dufry will start to fully consolidate WDF from August onwards and will launch its integration process shortly.