CASH POT: A Russian businessman has pledged €500 million to help rescue struggling Spanish supermarket chain Dia

A RUSSIAN businessman has given the green light for a multi million euro rescue plan for Spain’s struggling supermarket chain Dia.

Mikhail Fridman has announced that his fund LetterOne will inject €500 million.

The billionaire is the chain’s largest shareholder with 69.7% of shares.

The supermarket chain will receive up to €871 million in total under the plan with bank loans topping up the capital investment provided by the Russian investor himself.

TAKEOVER: Mikhail Fridman of LetterOne is providing hope to Dia

DIA group president Stephan DuCharme said: “The agreement with DIA’s creditors puts an end to a series of important initiatives to safeguard the company and place it on a stable basis for the creation of long-term value with all its stakeholders.”

It comes as Fridman also appeared to be cutting his ties with two Santander bankers, providing advice to Dia, according to El Confidencial.

The newspaper reported that LetterOne had cancelled the contracts of Guillermo de la Dehesa and Juan Rodríguez Inciarte.

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