Santander to absorb Banesto and Banif

Santander has announced that it is absorbing its subsidiary banks Banesto and Banif in a merger that will be completed next year, an action it says will result in savings of €520 million. It will also mean the closure of around 700 branches.

Iberia pilots union rejects restructuring

Sepla, the union representing Iberia pilots has rejected the proposed restructuring plan presented by the airline and called on the company to unwind its merger with British Airways. IAG, the holding company for the tie-up between BA and Iberia, last week unveiled a plan that calls for 4,500 layoffs, about 23% of the workforce, and salary cuts for pilots on …

More bank mergers

Three Spanish savings banks – Ibercaja, Liberbank and Caja3 – have approved a merger to strengthen their weak balance sheets. The new merged bank would create the country’s seventh biggest lender, with €120 billion in assets.

Unicaja and Caja España agree merger

The boards of directors of Banco Caja España-Duero and Unicaja Banco have agreed a definitive merger which will make it the seventh ranked financial institution in Spain.

Antena 3 and La Sexta to merge

After nearly two years of talks, the television channels Antena 3 and La Sexta have announced their intention to merge with the result that La Sexta will cease to exist as a legal entity.

Interregional fusion

Both the Governing Council of the Junta de Andalucia and the Junta de Comunidades de Castilla la Mancha have approved the fusion of Cajasol and Caja Guadalajara, the first interregional merger in Spain following the reorganisation of the financial system. The final administrative procedures could be completed within a few weeks.

Merger agreed

The general assemblies of the Cajasol and Caja Guadalajara have agreed upon a merger, the first interregional banking merger in Spain.

Telecinco and Cuatro to merge

TV channels Telecinco and Cuatro are to merge and form a new company in which Telecinco will have 81.7% share and Prisa 18.3%.