Basque wind turbines manufacturer Gamesa will probably be sold to Siemens, according to news published in the last few days and a regulatory filing from the company. In this filing, Gamesa admitted it is holding talks with the German industrial conglomerate.
It has been 1 year since Telefonica closed a deal to merge O2 (Movistar) with Three, the UK subsidiary of Hong Kong-based Hutchison Whampoa. And the two protagonists are still waiting for the UK and EU regulatory authorities to give the operation the green light.
UBS | Gamesa has confirmed it is in talks with Siemens regarding a combination with some of Siemens’ wind assets “through a merger structure”. A merger is the preferable option against the possibility of Siemens acquiring Gamesa. The primary reason is that the value of the potential synergies are shared between the two parties rather than, as is often the case in a take-over, transferred to the seller.
BARCLAYS | Net profit of €185m compares well with consensus’ €122m and includes €184m relating to an IPO litigation announced in December 2015 and reinforced by last week’s Supreme Court ruling. However, earnings performance is mixed with weaker than expected non-interest income and net interest income falling 5% QoQ (in line with expectations), but provisions are significantly better.
Bankia, created from the merger of seven savings banks lead by Cajamadrid and Bancaja, and its July 2011 stock market listing, have become a major headache for many people: the bank’s shareholders, the current management team, the auditor, the Bank of Spain and the stock exchange regulatory body CNMV.
UBS | What are the facts related to the investigation? The French state is undertaking an investigation on 100 models sold in France to make sure there is no installed defeat device. Renault has 25 models under review, which is equivalent to its market share in France. Four models have been checked so far and no defeat device was found.
UBS | A recent appearance on CNBC put us in the position of defending Apple’s uniqueness. Anchor Joe Kernen argued that the history of computing is one of disruption, so how could Apple’s stock ever be worth $1 trillion? Our price target has never reached $1 trillion, but the point remains that to be a successful investment Apple needs to grow to an unprecedented size based on sustained differentiation.
Fernando Barciela | Throughout this current year, 99 companies across the world have defaulted, the second highest figure in the decade after the 2009 crisis, according to S&P. Spanish firm Abengoa could be added to the list.
Spanish renewable energy and engineering group Abengoa is close to bankruptcy. The company, which has a debt level of € 6.283 billion, proposed a capital increase of 650 million euros and a financial adjustment. It also tried to negotiate with five banks and Spain’s government for a credit line. Finally, the company agreed to Basque steel maker Gestamp becoming a new shareholder. But this operation has now also failed.
Fernando Barciela |At first sight, Telefonica’s third quarter and nine months to September results couldn’t be better. Between January and September, the company posted a 12% rise in consolidated revenues to 35.4 billion euros. Net income increased by a spectacular 69.6% to 46 billion euros in the same period.