Lisbon, Sep. 7 - Conglomerate Sonae SGPS has exercised its option to buy a 9.1% stake in supermarket operator Modelo Continente from Spain's Banco Santander for EUR183.7 million.
After the transaction, Sonae will directly and indirectly control 98.8% of Modelo Continente, Sonae said in a regulatory filing.
Modelo Continente is Sonae's retail distribution unit in Portugal, running its network of supermarkets, hypermarkets and convenience stores.