DOHA/MILAN: Qatar Investment Authority (QIA) and Swiss travel retailer Dufry are teaming up to bid for Italian travel retailer World Duty Free (WDF), which belongs to the Benetton family, two sources familiar with the matter said yesterday.
“QIA and Dufry have a joint bid for WDF,” said a senior banker in Doha familiar with the matter.
A second source confirmed the joint bid and said the deadline was now expected to be March 31, after a delay due to rival bidders — South Korea’s Lotte Group and China’s Sunrise Duty Free — asking for more time.
QIA did not respond to calls seeking comment. It is estimated to have about $256bn under management, according to the Sovereign Wealth Fund Institute. Dufry and World Duty Free also declined to comment.
The Benetton family, which owns 50.1 percent of WDF via its holding company Edizione, is willing to give up control and favours a merger that would help the company cope with the rising costs of airport concessions, and also give the retailer more bargaining power with suppliers.
WDF said in January it expected sales to be between €2.63bn and €2.67bn ($2.84-2.88bn) this year, while adjusted earnings before interest, taxes, depreciation, and amortisation were expected at €279m and €294m. It reported sales of €2.4bn and adjusted EBITDA of €289.7m last year. Reuters
