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Opinion
Chris Hughes

A Russian Billionaire’s $1.7 Billion Grocery Spree

The Russian’s bid for Spanish grocer DIA is driven partly by opportunism and partly by the need to stop the rot.

The billionaire has the upper hand here.

The billionaire has the upper hand here.

Photographer: Joel Saget/AFP/Getty Images.

It’s Mikhail Fridman to the rescue. The Russian billionaire is swooping on ailing Spanish grocer Distribuidora Internacional de Alimentacion SA with a punchy takeover offer that has given a fillip to the stock after months of pain.

The contrarian bid is driven partly by opportunism and partly by the need to stop the rot. DIA will have a job on its hands to stay independent or to force Fridman to increase his offer.