Report: Owners approve Spain’s Dia sale to LetterOne

MADRID, Mar 20 (PRIME) -- The shareholders of Spanish retailer Dia have approved an increase of a stake in the firm by Russian tycoon Mikhail Fridman’s LetterOne to 100% from 29%, according to a report by TV channel 24 Horas on Wednesday.

LetterOne promised to pay 0.67 euros per share, or a total of about 300 million euros for the increase, and invest 500 million euros in Dia’s equity to help the retailer transform and regain leadership on the local market.

Fridman’s offer must also be approved by the National Securities Market Commission (CNMV). Employees of the company were on strike during the shareholder meeting that voted for the sale.

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