Trading in shares of Ebro was suspended yesterday as a result of the move

Trading in shares of Ebro was suspended yesterday as a result of the move

Spain's Del Pino family has sold its 3.4% share in Ebro Foods for EUR69m (US$88.3m).

In an announcement to The National Securities Market Commission (CNMV) this morning (21 November), the family, through its investment vehicle Casa Grande de Cartagena, has sold a total of 5.19m shares in the Spanish food group to existing investors.

The package represents a 3.375% stake in Ebro and the family has received EUR13.30 per share for the stake. A spokesperson for the company, however, decline to name the acquirers.

Trading in shares of Ebro was suspended yesterday as a result of the move and resumed again this morning. Shares are trading at EUR13.44 as at 11:26 GMT.

The Del Pino family purchased a 5% stake in food company Ebro for EUR130.5m in 2006 but sold a 1.62% share for EUR35m in December last year, according to local reports.

The family is headed by Rafael del Pino and according to the Guardian has an estimated fortune of GBP3bn, made mainly from investments in the construction and industrial industries.