The French investment company PAI PARTNERS has acquired 66.85% of the Italian expresso coffee machine manufacturer machines SAECO (turnover EUR 411 million in 2002) for EUR 508 million, EUR 3.80 per action. In the first quarter of 2004 a take-over will be launched for the rest of the capital with a price of EUR 3.59 per share. The value of the operation is estimated at EUR 800.