March 20, 2019 / 10:20 AM / 3 months ago

Holders of 53 percent of Spain's DIA represented at key meeting, by preliminary count

FILE PHOTO: People walk outside a DIA supermarket in central Madrid February 23, 2015. REUTERS/Juan Medina

MADRID (Reuters) - Shareholders accounting for around 53 percent of Spanish supermarket group DIA were represented at a meeting to decide on a rescue plan for the company on Wednesday, DIA’s board secretary said, increasing the likelihood a plan favored by its main shareholder will be approved.

Russian tycoon Mikhail Fridman’s LetterOne (L1) fund, which holds 29 percent of the company, has launched a buyout bid contingent on shareholders rejecting on Wednesday a capital hike proposed by the company’s board.

Reporting by Isla Binnie, editing by Andres Gonzalez

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