Bunhill: Slow news from Spain

FINANCIAL news whizzes around the globe at the speed of light, we are constantly reminded. But not, it seems, from Spain. The news on Thursday that Allied-Lyons was taking control of Pedro Domecq, the brandy and sherry company, for pounds 739m - the biggest deal so far this year - took London by surprise.

This is despite the fact the talks have been common knowledge in Jerez and the subject of repeated articles in the Spanish press for the past six weeks. All rather embarrassing for investors and us financial journalists, not to mention the stockbroking houses that have spent millions opening up offices in Madrid.