×
1 259
Fashion Jobs
VANS
Account Coordinator - French Speaking - Vans
Permanent · NOTTINGHAM
ESTÉE LAUDER
Tom Ford - Business Manager - Selfridges, Birmingham - 37.5 Hours - Full Time, Permanent
Permanent · Birmingham
ESTÉE LAUDER
Marketing Executive, Tom Ford Beauty, Kilian, Darphin And le Labo - Travel Retail Emea (Based London)
Permanent · London
ESTÉE LAUDER
Corporate Account Executive, Lagardere, Dfs, Inflight And Aquatic - Travel Retail Emea (Based London)
Permanent · London
ALEXANDER MCQUEEN
Collection Coordinator Assistant
Permanent · LONDON
ESTÉE LAUDER
Clinique - Consultant - Boots, Oxford - 24 Hours - Part Time, Permanent
Permanent · Oxford
ESTÉE LAUDER
Clinique - Consultant - Boots, Sedley Place London - 37.5 Hours - Full Time, Permanent
Permanent · London
PAUL SMITH
Office Administrator
Permanent · NOTTINGHAM
FRASERS GROUP
Trainee Commercial Manager
Permanent · SHIREBROOK
FOREO
Key Account Manager
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis Edinburgh - 26 Hours - Part Time, Permanent
Permanent · Edinburgh
BEARA BEARA
Marketing Executive (Taiwanese)
Permanent · LONDON
BRANDLAB 360 - HULA
Hula by Barbara Hulanicki – Wholesale Sales Manager
Permanent · LONDON
HOMEGOODS
Loss Prevention Detective
Permanent · Countryside
TK MAXX
10933-Loss Prevention Officer Sth Ruislip
Permanent · Ruislip
TK MAXX
10933-Loss Prevention Officer Haringey
Permanent · London
ESTÉE LAUDER
Aveda Haircare Category & Marketing Planning Manager
Permanent · London
ESTÉE LAUDER
Mac - Area Sales And Education Manager - London - Maternity Cover
Permanent · London
RALPH LAUREN
Operations Manager - Gretna
Permanent · Gretna
LUXURY RECRUIT
Head of Digital - Luxury
Permanent · LONDON
LUXURY RECRUIT
Brand Director - Luxury
Permanent · LONDON
LEVI'S
Mobile App Trading & Operations Manager
Permanent · London
By
Reuters
Published
Mar 30, 2015
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Dufry details 3.6 bln euros fundraising plan for WDF buy

By
Reuters
Published
Mar 30, 2015

Dufry AG has fleshed out plans for its takeover of Italy's World Duty Free SpA (WDF), as the Swiss company seeks to consolidate its position as the biggest player in the fast-growing airport retail sector.

Dufry said on Monday it expects to raise at least 2.1 billion euros ($2.3 billion) through a rights issue of new stock and up to 1.5 billion via long-term debt instruments, adding the plan had the backing of major investors.

The combined Dufry-WDF will have a market share of 25 percent and projected annual sales of $9 billion, cementing Basel-based Dufry's position as the world's biggest player in the fast-growing sector. WDF operates 495 stores in 98 airports including London's Heathrow and Gatwick.

Retail spending at airports is expected to almost double to $59 billion in 2019 from the 2014 level, analysts predict, driven by rapid growth in Asia where more than 350 new airports are set to be built in the next eight years.

Dufry shares were up 4.5 percent at 141.50 francs by 0951 GMT, their biggest daily rise since October. WDF shares were down 8.1 percent at 10.07 euros.

However some analysts noted Dufry was taking on a lot given its purchase last year of Nuance Group for $1.7 billion.

"Although we fully understand the long-term industrial logic behind the WDF transaction ... we see several risks in the short term, as Dufry is in the middle of the integration of Nuance (till end of full-year 2015) and WDF just has started the integration of its EU platforms," Vontobel analyst Rene Weber, who has a "buy" rating on Dufry shares, wrote in a note.

Edizione, the holding company owned by the Benetton family that controls WDF, said at the weekend it had agreed to sell its 50.1 percent stake to Dufry for 10.25 euros per share. Dufry will then make a mandatory bid for the remaining shares.

Qatar Investment Authority, Government of Singapore Investment Corp (GIC) and investment firm Temasek Holdings have each committed to buying up to 450 million Swiss francs ($468 million) worth of the new shares.

Dufry expects to detail the exact terms of the rights issue before a general shareholder meeting, to be held by May 15, to approve the equity financing.
It hopes to generate up to 100 million euros in synergies or cost savings through the purchase.

© Thomson Reuters 2022 All rights reserved.