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Russian billionaire acquires 25% of Dia's capital

The Russian millionaire Mijaíl Fridman has expanded his participation in the Spanish retail chain Dia by up to 15% through the investment fund LetterOne and has reached an agreement to acquire another package equivalent to 10% of its shares, which will allow him to control 25% of the capital.

This has been explained by LetterOne in a statement sent to the National Securities Market Commission (CNMV), in which the managers of this firm deny having any plans to present a takeover bid for Dia.

Fridman first acquired capital of the Spanish supermarket chain on 28 July, when it purchased 10% of the shares, whose value recently rose by 1.05% to 4.4 Euro.

In the information provided to the stock exchange supervisor, LetterOne has explained that it already controls 93.4 million ordinary shares of Dia (15% of its capital) as a result of the purchase agreement announced on 28 July and "the acquisition of additional shares."

Also, the fund has reached a new agreement for the purchase of another 62.2 million ordinary shares, equivalent to another 10%.

Fridman, of Russian nationality, but of Ukrainian origin, has a fortune valued at 16.2 billion dollars (13.2 billion Euro at current exchange rate), according to Forbes magazine, which makes him one of the richest men in the country.

Dia, which has a network of more than 7,400 stores in Spain, Portugal, Argentina and Brazil, earned 103.1 million Euro in the first nine months of the year, 11.7% less than in the same period of 2016.

Source: EFE

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