Brussels is not concerned about the Spanish banks, even despite the problems of a systemic lender like Popular, in the process of being sold. The Spanish banks have shown that they have done their homework and restructured their balance sheets since receiving a European bail-out in 2012.
The Energy Ministry this week held its macro-auction to award installation licences for up to 3.000 MW of renewables plants in Spain. The auction represents an investment of over 3 billion euros and Forestalia, Gas Natural and Endesa ended up with the majority of the MW.
Enel is Spanish Endesa’s main shareholder with a 70% stake. Spain’s Energy, Tourism and Digital Agenda minister, Álvaro Nadal, has accused Enel of “playing politics for the Italians to the detriment of Spanish consumers and workers.”
Banco Popular said on Tuesday that in the context of the strategic options for the bank unveiled during its AGM, including a combination of businesses, several entities have expressed interest in exploring a possible operation of this kind.
During 1Q17 Spanish Caixabank finished the integration with Portuguese BPI reporting net attributable profit of €403 million, up 47.9% year on year. This resilient stream of revenues coupled with good credit quality are some of the reasons for BBVA’s analysts bet on the stock.
It’s now official. Atlantia has launched a full takeover bid for Abertis worth 16.341 billion euros, implying a price per share of 16,50 euros. Payment will be made either in cash or via a share exchange.
Telefonica’s net profit rose 42.2% to 779 million euros in the first quarter of 2017 from a year earlier. The 2016 results were reformulated mid-last year after the group decided to stop presenting its UK subsidiary O2 as a discontinued operation. Revenues from its Brazil and Latin American operations were the main earnings driver.
British prime minister Theresa May could put a cap on the increase in electricity and gas prices in the UK, while also cutting water and gas charges, if she is re-elected. This sort of measure could affect Iberdrola’s UK business, which accounts for 25% of group EBITDA.
FCC the Spanish environmental services, infrastructure and water management company, majority owned by Carlos Slim, reported net profit of €21.4 million in the first quarter, contrasting with a loss of €-16.7 million in the same period last year.Gross interest-bearing debt now stands at €5,063 million, 28% less than at 31 March 2016. The backlog now totals €30.650 million, equivalent to more than five years’ revenues.
Endesa registered net profit of 253 million euros in the first quarter of 2017, down 26% from a year earlier, due to the impact of the “high” prices of electricity in the wholesale market. Its dividend yield is still attractive at 5.7%, while the share price has also been supported by rumours of a corporate deal.