FridmanТs LetterOne may buy 100% in Spanish retailer Dia - Consumer Goods & Retail - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

FridmanТs LetterOne may buy 100% in Spanish retailer Dia

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 DiaТs 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 wonТt 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.

End

05.02.2019 16:58
 
 
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