 Modelo was owned by the Sonae holding, while Continente was the Portuguese and Spanish operation of the French retailer Promodès, known by the ensign Continent elsewhere.Thus, it was part-owned by its French competitor, Carrefour, who sold their stake to Sonae for €345 million on 16 November 2004.In 2008, Carrefour sold its Portuguese retail ventures existing under the Carrefour ensign to Sonae.