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Autogrill: the proportional partial demerger project for the Travel Retail & Duty Free business was approved


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Copyright © Thomson Reuters 2013. All rights reserved.
2013-07-01 16:05:03 -

Autogrill:  Shareholders approve  the proportional  partial demerger project for
the Travel Retail & Duty Free business

  * Cancellation of the par value of the shares
  * Changes to the 2010 Stock Option Plan as a consequence of the demerger
  * Share  price of  WDF S.p.A.  approved for  listing on the Mercato Telematico
    Azionario  (Italian  Electronic  Stock  Market)  managed  by  Borsa Italiana
    S.p.A..

Milan,  6 June 2013 - The  Shareholders of Autogrill  S.p.A. (Milan: AGL IM) met
today  under the chairmanship of Gilberto Benetton in ordinary and extraordinary
sessions  and approved the project of proportional partial demerger 
of Autogrill S.p.A. in favour of its wholly owned subsidiary World Duty Free S.p.A.. "The ratification of the demerger project at the Shareholders' meeting is a confirmation of their trust in the industrial value of the operation and, in general, in the initiatives that the management has carried out, even in these difficult years, aimed at seizing the opportunities for innovation and change", declared Gilberto Benetton, Chairman of Autogrill. "I am confident that the creation of two distinct players, both leaders in their business sectors, the travel food and beverage and airport travel retail, will foster a new and important phase of growth and will create additional value for all the shareholders". The Autogrill Group is advised in the demerger by Merril Lynch International, Banca IMI S.p.A. (Sponsor) and Banco Sandander SA as financial advisors, by Law firms Bonelli Erede Pappalardo and Uría Menéndez, by Price Waterhouse Cooper as the accounting advisor and by tax law firm Facchini Rossi Scarioni. Unicredit S.p.A and Goldman Sachs are financial advisors of Autogrill S.p.A. on some specific matters of the operation. The Shareholders' meeting also approved the modification to Article 5 of the By- laws, which eliminates the par value of the shares to facilitate the reduction of the Autogrill's share capital due to the demerger. Given the effects of the demerger will have on the management incentive plans, the Shareholders' meeting approved a number of changes to the stock option plan approved on 20 April 2010. Under said changes there will be an extention of the stock option exercise period to 30 April 2018, as well as granting the beneficiaries the right - exercisable on achieving defined performance objectives - to receive, upon payment of the exercise price, one ordinary Autogrill share and one ordinary WDF share for every stock option matured. At the ordinary Shareholders' meeting of WDF, of which Autogrill is the sole shareholder, the share price of World Duty Free S.p.A. was approved for listing on Mercato Telematico Azionario (Italian Electronic Stock Market) managed by Borsa Italiana S.p.A.. For further information: Rosalba Benedetto Antonella Pinto  Elisabetta Cugnasca Communications Manager  Press Office Investor Relations Manager T: +39 02 4826 3209 T: +39 02 48263499 T: +39 02 4826 3246 rosalba.benedetto@autogrill.net  antonella.pinto@autogrill.net   elisabetta.cugnasca@autogrill.net Press Release Autogrill-Proportional Demerger: hugin.info/156734/R/1713303/568703.pdf This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Autogrill via Thomson Reuters ONE [HUG#1713303]


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