MADRID | The Corner | In the second largest IPO in Spanish history, airports operator Aena is due to start trading on Wednesday in Madrid at a price of €58 a share, which values the group´s equity at €8.7bn.
By Sean Duffy | MADRID | The announcement on Friday of the Qatar Investment Authority’s purchase of 9.99% of IAG is the latest flexing of financial muscle from the Gulf state. QIA continues to grow its portfolio in Europe, having already invested over €13bn in Spanish companies since the beginning of the crisis.
MADRID | By Ana López-Varela | Some analysts believe the Spanish oil company has been extremely punished by the markets. Repsol’s announcement of its pulling out of Canary Islands exploration on Friday, along with the fall in oil prices and the purchase of Talisman Energy (for more than for $8.3 billion), has put the firm under the spotlight.
MADRID | By J.P. Marín Arrese | Santander´s management has provided little explanation for the huge 10% capital increase launched last week. The official announcement vaguely notes the need to seize new opportunities when economic prospects are improving. Can we bet on such a promising outlook when so many uncertainties prevail in Europe? It doesn’t seem very convincing. Rumours on potential take-overs also seem rather odd, as raising cash before entering a bid will only serve to increase the final bill. It makes more sense to gauge this move as a means aimed at buttressing the bank´s own funds.
MADRID | By Fernando G. Urbaneja | Spanish bank Santander is a powerful battleship, the euro zone´s largest by market cap, one of the world’s leaders, with an outstanding presence on both sides of the Atlantic. It is therefore a complicated engine to move, even slowly. The unexpected death of the company´s chairman, Emilio Botín, in September 2014, brought about the accession of his daughter Ana to the bank´s top post. The younger Botín possesses unquestionable professional credentials, but nonetheless has had to allay fears that any change in leadership can bring about.
MADRID | The Corner | The stock listing of Santander, Spain and the euro zone´s largest bank was provisionally suspended on Thursday ahead of the imminent approval of a capital increase of €7Bn. When trading was suspended, shares were priced at €6.85, a rebound of 3.31%.
MADRID | The Corner | Banco Santander CEO Javier Marín will leave eurozone’s largest lender after only two years in the role. Ana Botín, in charge of the bank after her father Emilio Botín died in September, announced Marín’s replacement by Jose Antonio Álvarez, who has spent the past decade as CFO. Ana Botín also made several changes to its board of directors. Shares in Santander rose 1.8% to 7.22 euros in Madrid following the announcement.
BEIJING | By Qin Min via Caixin | Companies like Huawei and Lenovo are using Facebook and sponsorship deals with sports teams to introduce devices to foreigners.
MADRID | The Corner | US corporate results from the third quarter might be around +4%/5% (earnings per share), but it is highly probable that European results will be weak. Also, there should not be great expectations on central banks to save the situation this time, except, possibly, a more “dovish” refocusing by the American Fed (the US central bank delayed an interest rate increase or even tapering, which would give support to markets).
MADRID | The Corner | Barely a month ago the British press reported that Spanish Ferrovial was interested in taking over one or more of Aberdeen, Glasgow o Southampton airports. Heathrow Airport Holding (former BAA) announced oit will sell 100% of them to a Ferrovial-Macquarie consortium for 1.048bn pounds (around €1.31bn). The operation is expected to take place by Jan15.