ZURICH, Switzerland - Swiss travel retailer Dufry said it was buying the 49 percent stake in Hellenic Duty Free it does not already own from Greek rival Folli Follie for 328 million euros ($452 million), a vote of confidence in the austerity-hit economy.

Dufry bought a controlling 51 percent stake in the Greek travel retailer in October 2012 with an option to acquire the remaining 49 percent in 2016.

Dufry said in a statement on Thursday it will pay for the remaining stake with a combination of cash and shares.

The cash portion will be 175 million euros and Dufry will issue 1,231,233 ordinary shares to Folli Follie Group from its authorised capital, which the parties have valued at 153 million euros, Dufry said.

$1 = 0.7251 euros