Dufry wins unconditional EU okay to acquire World Duty Free

Swiss travel retailer Dufry has won unconditional European Union regulatory approval for its proposed takeover of Italian peer World Duty Free to create the market leader.

The deal, which values World Duty Free at 3.6 billion euros ($3.9 billion), was approved on Aug. 5, a day ahead of a scheduled EU deadline, according to the European Commission website.

Dufry acquired the Italian stake from Edizione, the holding company owned by the Benetton family. The deal is the second high-profile takeover of a major Italian company after China National Chemical Corp's purchase of a majority stake in tyre maker Pirelli.