MOSCOW, Feb 5 (PRIME) -- LetterOne of Russian tycoon Mikhail Fridman plans to raise its stake in Spanish retailer Dia to 100% from 29% for 0.67 euros per share, or a total of about 300 million euros, LetterOne said in a statement on Tuesday.
Under the deal, LetterOne will invest 500 million euros into Dia’s equity to help the retailer transform and regain leadership on the local market. LetterOne says that Dia is in a structural recession, and a planned 600 million euro share issue won’t solve its fundamental strategic problems, the company said.
Management by LetterOne will allow Dia to regain leadership in Spain, Brazil, Argentina, and Portugal. The companies are to receive approval from the shareholders that own no less than 35.5% in Dia and from the National Securities Market Commission of Spain.
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