DIA investor Mikhail Fridman nears takeover with appointment in key position
Spain-based supermarket chain Distribuidora Internacional de Alimentacion [BME:DIA] (Grupo DIA) investor the Russian private businessman Mikhail Fridman, is poised to a takeover with an appointment in a key position, El Confidencial reported. Fridman, who two weeks ago fetched a 29% stake in DIA through the investment vehicle Letterone Investment Holdings, has appointed Stephan Ducharme as acting chairman following the formal resignation of Ana Maria Llopis, according to the report.
DuCharme would also become first vice-chairman of the board and possibly a member of the strategy committee, a newly created advisory body expressly designed to review group decisions, analyze market challenges, define strategic lines and report to the board of directors, El Confidencial said.
The empowerment of 'Fridman's men' is a symptom that the takeover bid is getting closer, the unsourced report said.
DuCharme is the president of Russia's largest distribution group, X5 Retail Group, the online Spanish-language report noted.
A report in Expansion noted that DIA stock fell yesterday Monday (15 October) 42.2% to EUR 1.097, reducing the company’s market capitalisation by EUR 500m to EUR 682m. Earlier, a JPMorgan report had cut 20%, from EUR 2.1 to EUR 1.7 the company’s objective price, after predicting that its EBITDA will fall from EUR 568m in 2017 to EUR 489m this year, from a prior estimate of EUR 501m. DIA issued a profit warning.
DIA is working with Boston Consulting Group on a new strategic plan due this autumn, Expansion added.
A report in Cinco Dias that cited unspecified sources from DIA said that the strategic report will now be delayed.