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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