SPAIN: Acciona puts wine division up for sale
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.
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