Spain’s Stock Market Watchdog (CNMV) has finally given its green ligth to the bid from Hochtief, a subsidiary of ACS, for Abertis. The authorisation comes after the news of the talks between ACS and Atlantia aimed at reaching an agreement to put an end to the “bidding war”.
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The CNMV and the government have been trying for years to get the big companies and Spanish banks to issue debt in Spain. But despite some reforms having been made, Spanish companies continue to head for Europe and even farther afield to ask investors for money.
Spain’s new CNMV board, headed up by Sebastián Albella, has embarked on a big reform drive, implementing a whole range of initiatives, to make the Spanish financial market more trustworthy.
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.
Ana Fuentes | It was seen coming: with low participation in the General Assembly of Shareholders, the restructuring plan chosen for the company was that proposed by LetterOne, controlled by Mikhail Fridman and backed by Goldman Sachs, which owns 29.01% of the Group.
Fernando G. Urbaneja | A short list of urgent and possible reforms to regenerate and modernise Spanish democracy would include improving the quality and reputation of state institutions, especially the administration of justice and those entities described as independent, with the Bank of Spain at the front of the queue.
The Spanish blood products company could invest 5 bn$ in the Chinese pharmaceutical company Shanghai RAAS Blood Products, leader in China, which specialises in the investigation, production and sales of plasma products. The operation would be formalised in Q219. Grifols would reinforce its position in China and would reduce its dependence on the US.
Of the total of this initial loan, 3 billion euros will remain in the company, 2.2 billion will be repaid in the short term through asset disinvestment like the sale of Hispasat and 29.9% of Cellnex (already completed in June), while another tranche of 4.75 billion will be financed with bonds.
According to the company´s report to the regulator (CNMV), Gestamp had net profits of 163 million euros up to September, which is a 7% increase on the same period in 2017. The company had an income of 6.15 billion euros between January and September, 2.5% more than in the first nine months of last year, and 8.9% at constant currency rate.
Merlin Properties, one of the main property companies listed in the Spanish stock market, is studying creating alliances to buy part of the property portfolio of El Corte Inglés, Spain’s biggest retail group, which amounts 94 assets. The value of the portfolio is around €17.2 Bn, of which €15 billion euros are points of sale.