Mari Pinardo / Julia Pastor | At the start of this year, Repsol launched an ambitious Strategic Plan to allow the Company to eliminate its debt and weather the storm of low oil prices. The plan includes: divesting non-core assets for a total of 3.100 billion euros via a series of deals, one of which was the possible sale of its Gas Natural stake. The chance came along and on Monday Repsol announced it has agreed to sell 10% of its stake in the gas company for 1.901 billion euros. The operation has been well received by the markets and by analysts.
Iberdrola’s subsidiary in the UK, Scottish Power, expects to win contracts worth a record 3 billion pounds (3.530 billion euros) in 2016, thanks to an increased interest in investing in renewables, smart meters and electricity networks.
Repsol and La Caixa, via Criteria, have closed the sale of 20% of Gas Natural Fenosa to the US fund Global Infraestructure Partners (GIP) for €3.803 billion. GIP will now become one of the core shareholders of the energy multinational.
The Ferrovial group is a world leader in private transport infrastructure development, not just in terms of the number of projects but also in terms of investment volumes. But with overseas investments of 72 billion euros, and a success story worthy of praise, it has had a setback in the US. This means, in practice, that the Spanish company will have to abandon the SH130 toll highway project (Trans-Texas corridor).
This week Telefonica has been one of the main protagonists of the Spanish stock market. Firstly, it confirmed to bourse regulator CNMV that it will launch an IPO of between 25% and 50% of its infrastructure affiliate Telxius. And secondly, that it is finalising the partial sale of its UK subsidiary O2.
In recent times, hardly anything ever happens in the Spanish stock market. There are practically no IPOs or shareholder squabbles to attract investors’ attention. So when there is even a slight movement, like the possible sale of 20% of Gas Natural by majority shareholders Repsol and La Caixa, it shakes the market up more than normal.
Norbolsa | The change in trend in lending has been the most positive element in the Spanish banks’ first half 2016 results.
The banks’ non-performing loans ratio continues to show signs of recovery amid the ongoing deleveraging process on the part of households and companies. The balance of impaired loans fell by 18.3% in May to 121,865 billion euros. Against this backdrop, Banco Sabadell and Bankia were the first banks to present their first half results’ report. And the Spanish stock market reacted in a completely different way to each report.
Italian lender Unicredit has announced the cancellation of an agreement reached in November with Spain’s Santander to create a new asset management company by combining their respective subsidiaries Pioneer Investments and Santander Asset Management.
Abertis’ key figures improved in the first half of 2016, with growth in net profit (+9% like-for-like) to €510Mn , EBITDA (+7% like-for-like) to €1,502Mn and revenue (+5%) to a total of €2,243Mn, in a period featuring a resilient recurring business, traffic increases and the addition of new assets to the consolidation scope following the acquisition of 50% of Autopista Central in Chile.