TATA STEEL abandoned plans to shut down Port Talbot’s blast furnaces in South Wales after the Unite union called off a strike. Union members intended to walk out on July 8 after the Indian-owned steelworks began the shutdown process at the plant after 70 years. Instead, Unite cancelled the industrial action after Tata Steel UK’s chief executive offered a further round of talks focusing on future investment at the site.
Nevertheless, cutbacks involving the loss of 2,800 jobs will still go head later this year. Most Read on Euro Weekly News MANCHESTER AIRPORTS GROUP (MAG) is competing with Spain’s Aena to acquire AGS, the concessionary company which runs Aberdeen, Glasgow and Southampton airports. Owned by Ferrovial in partnership with Australian financial services group Mcquarie, AGS is divesting itself of its shares in a transaction topping €1.
5 billion. Aena, which already runs London Luton airport, bid for a 50.1 per cent stake in Edinburgh airport earlier this year but was bested by the French company Vinci’s £1.
27 billion (€1.billion) offer. Meanwhile, Ferrovial continues to part its UK airport investments, having recently reached a £3.
26 billion (€3.8 billion) agreement with Ardian and Saudi Arabia’s PIF to sell 19.5 per cent of its 25 per cent Heathrow holding.
CRITERIACAIXA, the La Caixa Foundation’s investment company, has acquired a 9.99 per cent Telefonica holding. “The stake in Telefonica is strategic and long-term,” a CriteriaCaixa statemen.