The state-owned Spanish holding company SEPI has purchased a 6.25% stake in Spanish food group Ebro Puleva from the Kuwait Investment Office (KIO). SEPI obtained 9.6m shares at EUR26.66 (US$31.81) per share, almost twice the current market value.

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The purchase was the result of a court ruling on a contract signed between SEPI and KIO in 1997. According to a report in the Herald Tribune the industrial holding company was obliged to exercise a call option on the purchase of shares in Ebro and pay over the odds for the shares.

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