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A store of supermarket chain El Arbol (Photo: El Arbol)
DIA admits 'preliminary talks' to acquire rival chain
(SPAIN, 12/18/2013)
The distribution group DIA admitted having “held preliminary talks" to buy a rival supermarket chain controlled by several savings banks.
According to Expansion newspaper, the buying of El Arbol chain could involve an investment of about EUR 100 million.
In a statement to the National Securities Market Commission (NSMC), DIA reported that "as part of the ongoing process of analyzing growth opportunities" it had shown interest in the group, but until now, they have not come to any compromise or agreement, Publico informed.
The market reacted positively to the possible acquisition, which was reflected with an increase close to 4 per cent of the shares of DIA in the early hours of the Stock Exchange session.
The intention of the DIA group, led by Ricardo Curras, is to expand its presence in Spain.
Meanwhile, the supermarket chain El Arbol has been looking for a buyer for several months.
While it is speculated that the operation would be around EUR 100 million, the final value will depend on how the payment of a shareholder loan of EUR 50.93 million is handled. This figure should be added with EUR 40 million as capital.
If DIA were to complete the purchase of supermarket chain El Arbol, it would become the third distribution group in Spain, behind Mercadona and Carrefour.
By Analia Murias
[email protected]
www.seafood.media
Information of the company:
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Address:
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Pza. Carlos Trías Bertrán, 7 planta 4º
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City:
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Madrid
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State/ZIP:
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(28020)
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Country:
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Spain
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Phone:
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+34 902 453 453
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E-Mail:
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[email protected]
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