RUSSIAN REVOLUTION: Mikhail Fridman is considering a Dia takeover

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RUSSIAN REVOLUTION: Mikhail Fridman is considering a Dia takeover. Credit: LetterOne Group/Flickr

MIKHAIL Fridman, who broke into Spain’s biggest supermarket chain Dia in July 2017 with a 10 per cent stake in the company, has now almost tripled his presence.

Having increased his stake to 29 per cent via Letter One Investment, Fridman is on the brink of the 30 per cent threshold after which regulations dictate that he would need to launch an offer for 100 per cent of the company.

Fridman controls 15 per cent of Dia in shares, and the remaining 14 per cent through financial derivatives.

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The Russian investor initially paid €320 million for his 10 per cent share of the company, well above its current market value.

With Dia’s Chief Executive Ricardo Curras having been replaced by Antonio Coto in August, Dia has announced a new strategic plan for the autumn.

This will involve new business models, the remodelling of stores, the development of e-commerce, and an ambitious digital transformation plan.

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