Business Roundup for Spain and the UK

Another Iberdrola sale IBERDROLA is negotiating the sale of a 49 per cent holding in its portfolio of Portuguese renewable assets to Norway’s sovereign wealth fund.

Insiders said the operation sought to expand the Spanish multinational’s existing partnership with Norges Bank Investment Management (NBIM), which already owns assets in Spain.

Sources quoted by Bloomberg News maintained that no agreement has yet been reached.  “It’s possible Iberdrola could decide not to proceed with the sale,” they said.

In January this year, NBIM acquired for €600 million a 49 per cent stake in Iberdrola’s Spanish solar plants and onshore windfarms.

According to Spain’s financial press, Iberdrola hopes to sell more of its assets to NBIM “and the Portuguese sale is part of these discussions.”

Both Iberdrola and NBIM declined to comment when contacted by Bloomberg News.

Harry and Meghan boost NETFLIX’S UK sales rose to more than £1.5 billion (€1.7 billion) last year, recently-published accounts revealed.

Unlike mediocre figures for Netflix globally, its UK sales grew by 12 per cent from £1.38 billion to £1.54 billion (€1.59 billion to €1.78 billion) in the year ending December 2022.

The online streaming giant was boosted by the six-part documentary series featuring the Duke and Duchess of Sussex, which launched on December 8 last year.

The Harry and Meghan premiere was 2022’s most-watched new subscription TV programme, with 4.5 million viewers for its first episode according to the Broadcasters Audience Research Board (BARB).

Keep it in Europe JOSE MANUEL CAMPA, president of the European Banking Authority (EBA) warned that too many bank services were in too few hands.

Speaking at the Fourteenth Finance Meeting organised by financial daily Expansion and KPMG in Madrid, the Spanish economist alerted banks to over-dependence on technological giants.

Banks outsourced “critical activities” including network infrastructure, data-processing  and cloud computing, Campa warned. The majority were not European and provided their services from outside the European Union.

The EBA had identified 15,000 providers of technological financial services although “just a few” controlled this sector, said the EBA president, who mentioned no names but clearly referred to Google and Microsoft.

Best foot forward BIRKENSTOCK, known for now chic but formerly frumpy sandals, are preparing for flotation on the New York stock exchange.

The company founded in 1774 informed investors that it intends to price its shares somewhere between $44 and $49 ($41.52 and €46.24) each.

This will raise up to $1.6 billion (€1.52 billion) for the company and its private equity owner L Catterton, which is backed by the French luxury fashion house LVMH.

Birkenstock’s chief executive Oliver Reichert told investors that the flotation was a “generational opportunity” to buy into the company.

No Prestige compensation THE legal battle between the UK and Spain regarding the 2002 Prestige oil spill continues with a new ruling in the UK.

A London judge, Christopher Butcher, has now ruled in favour of the British insurance company London P&I Club (formally known as the London Steam-Ship Owners’ Mutual Insurance Association Limited).

He upheld the insurance company’s appeal against a ruling by the La Coruña High Court which held it responsible for €855 million in compensation for the environmental disaster which devastated the Galicia coast in November 2002.

The Spanish judgement was “irreconcilable with the English judgements,” the London judge maintained.

A winning formula MERCEDES-BENZ GRAND PRIX recorded increased 2022 earnings assisted by sponsorship and its America’s Cup sailing championship presence.

Despite the British company’s uninspiring revenues from Formula 1, income rose 24 per cent to £475 million (€550.3 million) in 2022. Pre-tax profits went up to £113 million from roughly £72 million (€83 million) the previous year.

This means that Formula One’s Toto Wolff and Sir Jim Ratcliffe’s petrochemicals empire will both receive a share in the £75 million (€86.9 million) dividend from the team behind Lewis Hamilton.

Hamas attack shuts shops INDITEX announced on October 10 that it was closing its stores in Israel as violence intensified following the attacks by Hamas.

“Our stores will remain temporarily closed and item return times will be extended by 20 days from their reopening,” the group stated on its website.

The company based in Arteixo (Galicia) has 84 franchise stores in Israel selling its Zara, Pull&Bear, Massimo Dutti, Bershka and Stradivarius labels as well as Zara Home.

The company explained that it was “closely monitoring” the situation and “would make decisions based on the advice of local authorities.”

Rival fashion giant H&M has closed its 24 stores in Israel “until further notice” as has the Swedish furniture retailer, Ikea.