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Goldman Sachs raises stake in Spain's DIA to more than 15 pct

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By Reuters
Goldman Sachs raises stake in Spain's DIA to more than 15 pct
FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid/File Photo   -   Copyright  Brendan McDermid(Reuters)

<p><span class="caps">MADRID</span> (Reuters) – Goldman Sachs has raised its stake in Spanish supermarket chain <span class="caps">DIA</span> <<span class="caps">DIDA</span>.MC> to 15.8 percent from 14.5 percent, a regulatory filing showed shortly after the discounter’s main shareholder disclosed it had raised its own holding close to the legal threshold for a full takeover bid.</p> <p>The U.S. investment bank now holds 1.5 percent of <span class="caps">DIA</span> directly and 14.3 percent through derivatives, a filing with Spain’s market regulator <span class="caps">CNMV</span> showed.</p> <p>A long economic crisis helped boost <span class="caps">DIA</span>’s market share but it has struggled since an economic rebound put more cash in Spaniards’ pockets.</p> <p>It has lost more than two thirds of its market value since its 2015 peak.</p> <p>Last week, shareholder LetterOne, controlled by Russian tycoon Mikhail Fridman, stoked speculation it might launch a takeover bid after it informed the regulator it had raised its stake to 29 percent.</p> <p>Under Spanish law, an investor must launch a full takeover bid once its stake reaches 30 percent stake. </p> <p/> <p> (Reporting by Emma Pinedo, writing by Isla Binnie; editing by Jason Neely)</p>