French and Spanish investigators have seized more than three tons of pure cocaine on a UK-flagged yacht off the Canary Islands, French police say.
Spain is the main port of entry for cocaine from Latin America
They say the haul is worth an estimated 200m euros (£135m).
Eleven people, including five French nationals, were arrested during the joint operation early this week.
It is believed to be one of the biggest drug seizures ever made with the involvement of French investigators.
"A huge drugs ring between Latin America and Europe has been smashed," Col Hubert Bonneau, who led the raid, told the AFP news agency.
Col Bonneau said the luxury yacht, the Spes Nostra, had left Spain in early summer and was returning to Europe after stops in Venezuela and in the Caribbean.
The cocaine was hidden in small packets in the 27m-long (89ft) vessel, which was registered in Guernsey.
Spain is the main port of entry for drugs from Latin America.