Business Roundup for Spain and the UK

Morocco choice Publicly-owned Spanish company Ineco will design the extensions to Casablanca’s international airport.

The Moroccan National Airport Office  (ONDA) has awarded Ineco the €500,000 contract to draw up plans for extending and remodelling Casablanca’s two terminals as well as its ramps and runways.

The project is an important one for Morocco, as the airport will see vastly increased traffic in 2030 when it will be hosting the Football World Cup together with Spain and Portugal,

Although French companies have traditionally dominated Morocco’s infrastructure market in Morocco, Ineco also developed the country’s air navigation system. The company, which is attached to the Transport Ministry, has previously designed airports in Spain, Greece, Colombia, Mexico and Cabo Verde.

Naming names Chinese fast fashion company Shein’s plans to list in London could be affected by not naming a physical owner.

All UK companies must declare a human “person with significant control” (PSC) but Shein UK’s filing lists Singapore-based Roadget Business as its PSC.

The omission was spotted by Dan Neidle, founder of the Tax Policy Associates thinktank, who has now notified Companies House that Shein had failed to list an individual.

Shien, valued at $66 billion (€60.56 billion) said it was “grateful” that the error had been brought to its attention.

“We are currently working to rectify this,” a spokesperson said.

Armed up A delegation from Spain’s Ministry of Defence visited India, seeking €5 billion in naval, aeronautic and electronics contracts.

New Delhi wants to sever its traditional ties with Moscow by looking for technological partners capable of helping it to become less dependent on outside expertise and develop its own arms’ industry, Defence sources explained in Madrid.

After negotiations lasting 10 years, Spain has already agreed to supply India’s air force with 56 Airbus C-295 transport planes, delivering the first of the €2.1 billion order last September.

Office orders After 17 years of private ownership, Boots is preparing to return to the London Stock Exchange,

Boots’ owners, the US-based Walgreens Boots Alliance (WBA), believe that a £7 billion (€8.18 billion) valuation could return it to the FTSE100, Bloomberg said in December 2023.

Meanwhile, thousands of Boots UK staff must work a five-day week in the office, as director Seb James told staff that he was determined to make the company more efficient.

The new regime will affect office workers in London, Nottingham and Weybridge.

Portugal offer Bondalti Iberica has launched a takeover bid for Spanish chemicals manufacturer Ercros.

The subsidiary of Portugal’s principal chemicals manufacturer, Bondalti, would pay €329 million, offering €3.60 per Ercros share, a premium of 40.6 per cent on March 4’s closing price of €2.56.

Bondalti Iberica’s proposal requires acceptance of more than 75 per cent of the share capital as well as authorisation from both the Spanish government and regulators.

Should the transaction go ahead, the Ercros headquarters would remain in Barcelona, as would all jobs at the company’s facilities in  Catalonia, the Valencian Community, Aragon, and Madrid.

The deal would allow Bondalti “to anticipate the challenges facing the European chemicals industry, respond to the growing demand for greener products, and take an active part in the energy transition,” the company said.

Feeling the pinch Spending on drinking outside the home fell 1.4 per cent in Spain in 2023.

The decline – the first since the pandemic – was due to higher prices in bars, cafes, restaurants and hotels, especially for beer and bottled water.

Both rose by 9 per cent, said market data analyst Nielsen, attributing the cutbacks to the increased cost of living.

Bars and cafes saw the biggest difference, Nielssen said, where people spent 3.3 per cent less on drinks, while hotels and restaurants noticed a fall of 1.6 per cent.

In contrast, nightlife venues saw a slight increase of 0.8 per cent.