In Spain

ERTES

Labor Ministry acknowledges that the reduction of the workday increases business costs by up to 6%

The final version of the economic report accompanying the draft Law for the reduction of the maximum legal working hours to 37.5 hours per week acknowledges that the measure will increase the costs borne by companies by up to 7%. In black and white, the document prepared by the Ministry of Labor – which the newspaper El Mundo has accessed – not only admits the increase in the wage bill…

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banco santander

Santander sells 49% of Santander Polska to Erste Group Bank for €6.8 billion

Erste Group Bank AG (“Erste”) to acquire a c.49% stake in Santander Bank Polska S.A. (“Santander Polska”) and 50% of Santander’s Polish asset management business TFI for a total cash consideration of €7 billion. The all-cash transaction at 584 zlotys per share values the bank at 2.2 times first quarter 2025 tangible book value per share, excluding the declared dividend of 46.37 zlotys per share, and represents a premium of…