Clarel deal off

SUPERMARKET chain Dia cancelled a €60 million operation to sell its Clarel perfumery subsidiary to the C2 private equity fund.

Dia told Spain’s National Securities Market Commission (CNMV) on August 1 that the deal was off after C2 failed to comply with all the terms of the agreement to buy 1,015 Clarel stores, three distribution centres and other assets.

Conditions included the CNMV’s approval, which was confirmed in May, but Dia announced that since C2 had not financially secured the Clarel merchandise before July 31, it had automatically rescinded the contract.

Meanwhile, C2 denied Dia’s allegations and said that it reserved the right to take legal action over the “unilateral” breach of the agreement.