Spanish food group Ebro Puleva has announced that UK-based EDF Man intends to exercise its call option over 51% of the capital of Inversiones Greenfields in Chile.

EDF Man purchased the remaining 49% of the capital in November 2004. Ebro said that after sending the appropriate legal documents to the Chilean Securities and Insurance Watchdog, notices will be published announcing the takeover bids for the shares in Inversiones Greenfields' two businesses Empresas Iansa and Campos Chilenos.

This process is expected to take between 45 and 60 days. Ebro Puleva said it will receive US$12m as the price for exercising the option.

The Spanish company said the transaction represents further headway in its strategic plan to consolidate and grow the group's activities in strategic value-added businesses, optimise costs and structures, and divest businesses with smaller returns or no growth prospects.