José Benito de Vega | Moody’s has lifted Repsol’s outlook from negative to stable and confirms long- term debt rating at Baa2. Analysts were expecting this upgrading after Repsol presented a new strategic plan for 2016-2020. In fact, Repsol’s stock price performance has revalued 11%, less than the Ibex, but a lot higher than the Stoxx 600 Oil & Gas (-1%).
This coming Monday, Colonial will join the Ibex 35, meaning that Spain’s two biggest socimis will now be represented in the selective index. The weighting of Spain’s property sector in the index will also be increased as it continues its recovery.
Neoenergia’s shareholders (Banco de Brasil, Previ and Iberdrola) have reached an agreement for Neoenergia to incorporate Elektro’s business and activity. This operation was on the cards and will be very positive for Iberdrola and its stock price
For a few hours on June 7, Banco Popular had three owners: the previous shareholders, the FROB and Banco Santander; a quick trip, with a stop in between for a bit of a respite, before changing its skin. The Single Resolution Mechanism (SRM), in other words the ECB, decided on Tuesday that Popular was inviable and immediately started the liquidation process which begins with a bail-in.
Banco Santander today announces that it has acquired Banco Popular. The acquisition takes place following an auction conducted by the Single Resolution Board and FROB in which Santander was elected as the successful bidder, paying a notional consideration of €1. As part of the transaction Santander will complete a rights issue for a total amount of € 7 billion . This will cover the capital and provisions required to strengthen Popular’s balance sheet.
Banco Popular’s management team, chairman Saracho and his CEO, Sanchez Asiain, will meet with the ECB tomorrow, according the economic press. It doesn’t seem as if there is any urgency behind the meeting, but rather that it is part of a routine monitoring process, aimed at analysing the bank’s current situation and options.
The CEO of Acerinox reiterated current week the risks which the European steel sector has been highlighting for years, given that the arrival of steel from China is detrimental to their interests. He said he expects the company’s 2017 results to be significantly higher than those of 2016, driven by the recovery in prices and in demand.
The CEO of Italgas Paolo Gallo has said it is interested in acquiring Gas Natural’s distribution business in Italy. This operation would reflect the consolidation trend expected in the Italian gas market, allowing Italgas to raise its domestic market to 40% from the current 30%.
The Greek government has given authorisation to local firm Energean Oil and Gas and Spain’s Repsol to explore and operate hydrocarbon deposits in the region of Aitoloacarnania, in western Greece.
Telefonica’s Movistar has informed its clients that from June 15 it will put an end to the roaming surcharges for all its tariffs across Europe. This means that all clients with a contract, or prepaid or Fusion will have the same tariffs as they do in Spain when they travel to the EU, Iceland, Norway or Liechtenstein.