The timing could not have been worse: the Madrid stock exchange had plummeted to its lowest level since the beginning of the year, with Pta14.5 trillion ($104 billion) – 20% of its capitalization – having been wiped off the market in the space of two months. Yet despite the turmoil in the equity market, Santander Investment, the investment banking arm of Banco Santander, took the decision in September to go ahead with the Pta4 billion flotation of around 30% of family-owned Rioja wine producer Federico Paternina.
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