Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The saving banks Caixa Nova and Caixa Galicia have signed a merger agreement in order to handle the negative consequences of the financial crisis. The new saving bank created with the merger will be named Nova Caixa Galicia. The merger agreement envisages the implementation of a redundancy procedure affecting 1,200 employees. The redundancies will be implemented through early retirement and will only affect workers older than 55 years. The redundancy plan has been agreed with the unions CCOO and CSICA, which account for 65% of the works council members.
Eurofound (2010), Nova Caixa Galicia, Merger/Acquisition in Spain, factsheet number 71981, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71981.