Billionaire Benettons to Sell Autogrill to Duty-Free Giant Dufry

The billionaire Benetton family agreed to sell their controlling stake in highway restaurant operator Autogrill SpA to duty-free company Dufry AG, creating a $6 billion player in the travel retail market and accelerating the overhaul of the Italian industrial clan’s holdings.

As part of the deal, the Benettons will receive 0.158 new Dufry shares for each share in Autogrill. That gives them ownership of as much as 25% of the Swiss company, which in turn is set to bid for the remaining stake of the Italian business. Autogrill fell as much as 9.4% in Milan, as the offer price ...