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Retail

Shareholder Vote Clears Way For Takeover Bid For Spain's DIA

Shareholders in Spain's DIA backed a rescue plan for the faltering supermarket chain on Wednesday, in a vote that clears the way for Russian tycoon Mikhail Fridman's investment fund to proceed with a takeover bid.

A familiar sight on Spanish high streets, DIA has failed to lure back consumers who turned their backs on its no-frills model, as the Eurozone's fourth-largest economy pulled out of recession.

Fridman's LetterOne (L1), DIA's biggest shareholder, with a 29% stake, proposes raising €500 million in fresh capital. The fund's plan won over shareholders, who rejected a rival plan put forward by DIA's board.

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