March 20, 2019 / 12:10 PM / 3 months ago

Shareholders in Spain's DIA approve LetterOne's capital hike plan

MADRID, March 20 (Reuters) - Shareholders in Spanish supermarket chain DIA approved a plan put forward by Russian tycoon Mikhail Fridman’s LetterOne (L1) fund to raise capital worth 500 million euros ($567 million) on Wednesday.

A shareholder vote in favour of this capital hike was a condition of L1’s bid to buy the stake of just over 70 percent in DIA it does not already own. Shareholders rejected a rival plan put forward by the company’s board. (Reporting by Andres Gonzalez, editing by Isla Binnie)

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