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L1 wins control of Spain's DIA

L1 Retail has won control of Spanish retailer Distribuidora Internacional de Alimentación SA, Reuters reported.

As of May 17, L1 Retail holds 58.36% of DIA.

L1 Retail offered to acquire about 70% of DIA in February but had to lower its acceptance threshold twice to secure approval from DIA shareholders.

To win shareholder approval, L1 also offered to inject capital into DIA and negotiate with the banks that hold DIA's €1.45 billion debt to form a rescue plan.

L1 Retail is the retail division of LetterOne Holdings SA, founded by Russian businessman Mikhail Fridman.