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New CNMV's reforms

CNMV appointments: ‘pure’ rookies vs experienced professionals

The appointment of Sebastián Abella and Ana Martínez-Pina as the chairman and deputy chairman of the CNMV has caused some controversy, revealing the confusion there is over what profile candidates for heading up any institution should have. You can choose people who are totally uncontaminated to lead any organisation, without having any link to its activities. But an increasingly more complex financial and stock market environment requires experienced professionals, not rookies.


Masmovil

Green Light For Foreign Investment In Spanish Operator MasMovil

The government has approved the takeover bid by the Cinven, KKR and Providence funds for MasMovil, meaning another requirement for the success of the operation has been met. On 1 June, a consortium formed by these three funds launched a bid for 100% of the Spanish operator’s capital at 22.5 euros/share.


KKR, Cinven And Providence Launch A Cash Takeover Bid For Masmovil At €22.5/Share

What was a rumour all weekend, has become official: Spain’s fourth major telecoms operator, MasMovil, has confirmed with Spanish market regulator CNMV the offer from the funds KKR, Cinven and Providence, via Lorca Telecom BidCo. The full cash bid for MasMovil from the consortium formed by the three investment funds would be at 22.5 euros/share. The price represents a premium of 20.2% over Friday’s closing price of 18.72 euros/share (capitalization of 2.466 billion euros).


Next Stage In Six’s Takeover Bid For BME: Spain’s Regulator Approves The Operation

Spanish watchdog CNMV considers that the terms of SIX’s takeover bid for BME have been adapted to current standards, while the contents of the prospectus submitted, after the latest amendments on 25 March 2020, are sufficient. SIX is offering €33.4 per share. The acceptance period is 43 calendar days from the business day following the publication of the takeover announcement. One of the major new features of the transaction is SIX’s commitment to maintaining BME’s activities and locations in Spain for 10 years, as opposed to the initial four years.


Banco Santander fulfills its commitment to shareholders and raises cash dividend by 3%

The Covid19 Crisis Could Cut Santander’s Profits By 5%

Santander has became the first Ibex-35 company to quantify a preliminary impact on its accounts due to the effect of the coronavirus.In a statement to the Spanish Watchdog CNMV, the banking group said it expects no effect on its first quarter figures. But in a scenario of rapid recovery or “V”, the crisis will trim 5% off full-year 2020 profits, it added.