Spanish bank Caja Navarra has sold its near-10% stake in domestic wine group Baron de Ley for EUR23m (US$29m).

The bank said late last week that it has sold its 574,000 shares in Baron de Ley, almost all of which were bought up by the wine firm.

Caja Navarra, which has been an investor in Baron de Ley for five years, said that it plans to launch its own wine project through its Bodega de Sarría business.

For the full announcement, in Spanish, click here.