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Spanish Supermarket Chain DIA Faces Day Of Reckoning

Published on Mar 20 2019 8:10 AM in Retail tagged: Spain / Investment / Dia / L1 / Letter One / Trending Posts Paywall

Spanish Supermarket Chain DIA Faces Day Of Reckoning

Shareholders in Spain's DIA are due to choose between two competing rescue plans for the faltering supermarket chain on Wednesday in a vote which could decide whether Russian tycoon Mikhail Fridman's investment fund proceeds with a takeover bid.

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

In play on Wednesday are two capital-raising proposals, one from the company's board and another from Fridman's LetterOne (L1), the biggest shareholder with 29%.

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