UPDATE 1-Dufry to enlist Alibaba as shareholder, signs China JV [Reuters]
DUFRY AG UNSP/ADR (DUFRY)
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Source: Reuters
Dufry to enlist Alibaba as shareholder, signs China JV By Reuters Staff 2 Min Read ZURICH (Reuters) - China's Alibaba BABA.N plans to acquire a stake of up to 9.99% in Swiss duty free group Dufry DUFN.S , Dufry said on Monday, as it announced a new Chinese joint venture with the tech giant. “Alibaba Group and Dufry AG (Dufry) have agreed to enter into a collaboration to jointly explore and invest in opportunities in China to develop the travel retail business and to enhance Dufry’s digital transformation,” Dufry said in a statement. The Swiss firm has reeled under the hit of COVID-19 and plans to ask shareholders on Oct. 6 to fund a buyout of its Hudson Ltd HUD.N unit via a new rights issue. It said Alibaba’s commitment meant it now hoped to bring in proceeds of 700 million Swiss francs ($763 million) through the rights issue, up from 500 million francs previously. Dufry in August agreed to buy the rest of Hudson for $7.70 per share in an all-cash deal worth around $31
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