Portuguese retailer Sonae SGPS has exercised its option to purchase a further 9.09% stake in supermarket group Modelo Continente from Spain’s Banco Santander Central Hispano.

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The deal sees Sonae take possession of 100m shares in the retail chain at a cost of EUR183.75m (US$223.91m), raising Sonae’s stake in Modelo to 98.8%.

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