August 25, 2018 / 12:56 PM / 25 days ago

Russian tycoon Fridman explores takeover of Spain's DIA: Expansion

MADRID (Reuters) - Russian magnate Mikhail Fridman has started talks with other shareholders in Spain’s DIA (DIDA.MC) over a possible takeover bid for the discount retailer in which he is already the biggest investor, Expansion reported on Saturday.

Fridman’s LetterOne fund could take a 14.5 percent indirect stake in DIA currently held by U.S. bank Goldman Sachs, the paper said, citing anonymous financial sources.

This derivative position is due to expire in October, the paper said, and when that happens the shares could be taken by LetterOne, which has a 25 percent stake.

Under Spanish market rules, a holding of more than 30 percent in any one company obliges an investor to launch a takeover.

It was not immediately possible to reach LetterOne for comment. A DIA spokeswoman declined to comment.

Reporting by Tomas Cobos and Isla Binnie; Editing by Alison Williams

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