VOL. XXXI

NO. 23

14-MARCH-1988

Financial and Banking News

INVESTMENT ACTIVITIES

KIO wins Control of ERT, Buys Spanish Insurer

The Kuwait Investment Office (KIO) has finally won control of Spain's largestchemical company, Union Explosivos Rio Tinto (ERT), concluding a battle whichbegan six months ago when it first acquired its stake in ERT. The KIO's otherinterest in the chemical industry in Spain, Cros SA, is being given two seats onERT's 20-member board (including the post of vice-chairman and...