Duty-free retail giant Dufry agrees to buy Autogrill

Details: The Benettons will transfer their 50.3% Autogrill stake to Dufry, in exchange for stock, and then Dufry will launch a mandatory tender offer for remaining Autogrill shares at a €2.44 billion valuation.

• The tender, which will be offered in either cash or stock, is at a significant discount to where Autogrill shares closed on Friday.

The bottom line: The combined company would have around 5,500 stores, including within 1,200 airports, and expects cost benefits in areas like rent, product purchasing and logistics. But it's unclear how much savings the company will find from the tie-up of airport and non-airport (i.e. highway) assets.