Sun. Feb 23rd, 2020

Urgent meeting of the top management of Dia after the debacle on the Stock Exchange

Urgent meeting of the top management of Dia after the debacle on the Stock Exchange


MadridUpdated:

Decisive day for the supermarket chain Día, which lived yesterday a real black Monday and 42% of its value was left on the stock market. According to what ABC has learned from financial sources, the company has convened this morning at its headquarters to its management team in what seems like a decisive meeting for the future of the company. Not in vain, in the market it is expected that the maximum shareholder of the company, the Letterone fund, make some movement -either shareholder or intentions- to calm the situation of serious instability.

The fund is owned by the Russian tycoon Mikhail Fridman and currently has 29% of the shares of Dia, just below the legal limit of 30% that the Ley de Opas sets as mandatory to present an offer for the whole. The fall in the price of securities and the complicated situation that the company is going through focus on him all eyes. However, according to the Opas Law, a company can not launch an offer for a value lower than a purchase made in the same company in the previous 12 months. And Letterone came into Day last January.

In this line, Javier Amo, of the Institute of Stock Market Studies (IEB), assures that the situation of Dia «Gives a feeling of absolute provisionality» waiting for Fridman to throw himself into the ring and launch a takeover of the whole society. Of course, this expert says that the Russian investor could launch the OPA «Early next year» and rules out that the operation takes place in 2018.

Anyway, the crisis experienced yesterday in the supermarket chain, which has 7,400 stores in Spain, Portugal, Argentina and Brazil, another victim has already been charged. Yesterday, the company left the company that was executive director since 2011, Amando Sánchez Falcón, who arrived at the distribution company from Abengoa. Already in September, the bad evolution of the group it cost the position to the previous adviser delegated, Ricardo Currás, position that occupied during ten years, and that was replaced by Antonio Coto.

Meanwhile, Fridman has been moving his chips. Yesterday, the already announced departure of Ana María Llopis as president of Dia was also confirmed. Llopis was temporarily relieved by Stephan DuCharme, Fridman's most trusted man and who will also hold the position of vice president.

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