SPAIN: Acciona puts wine division up for sale

By Ivan Castano | 25 February 2009

Spanish industrial group Acciona is seeking buyers for its Bodegas Hijos de Antonio Barcelo winery in efforts to sell up to EUR1bn of non-core assets, Spanish analysts told just-drinks.

The Madrid-based construction and energy group wants to sell to focus on its core construction, infrastructure and renewable energy businesses. The strategy has gained importance at a time when Spain has plunged into a deep recession, hurting corporates' fortunes.

Acciona is well capitalised, however, and is in no rush to sell cheaply, one analyst said, adding that a deal may not occur until next year.

Bodegas HA Barcelo, which trades five original-denomination labels in Spain and abroad, delivered sales of €46.4m in 2007, up 8.7% from 2006.

The firm is tucked under Acciona's "other businesses" division, which comprises financial brokerage Bestinver, and is said to be worth EUR250m.

An Acciona spokeswoman would not comment.

Sectors: Wine

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