Telefonica is starting the process of preparing a stock market listing for a stake in its currently fully-owned Argentine subsidiary. In the upcoming AGM on April 16, it’s expected that authorisation will be sought from shareholders to go ahead with the share placement.
At Siemens Gamesa’s AGM last Friday both the CEO Marcus Tacke, and chairwoman Rose García insisted that there is “no doubt” that Spain will remain the company’s “seat of power.”
In three months, Barclays has cut its price target for Telefónica on four occasions, from 9,8 euros/share in December to 9 euros/share last time round, on March 19. That’s almost 10% lower. How can a company’s value change so much in such a short space of time?
One of the most objective measures for judging whether the stock market is expensive or cheap is the dividend yield. At the moment, the main global stock markets offer real returns which are superior to those of long-term sovereign bonds. For example, 34 of the 40 biggest French firms, those which make up the CAC40, have increased dividends over the last year.
Inspired by game theory, JP Morgan’s analaysts Marko Kolanovic and Bram Kaplan have analysed February 2018 market turmoil against the one that ocurred in August 2015 as both sell-offs had a striking similarity. The conclusion is that if equities follow 2015 flow patterns, new market highs may come soon.
ACS has won a contract worth 1 billion euros, related to one of the biggest hydroelectric projects in Canada’s history, boosting its presence in North America, its main market.
The share price of Spanish Tubos Reunidos, manufacturer of tubular steel, has accumulated declines of 40% since the auditor’s report from PWC, publised on March 13, said the following: “significant deviations in the key measures and hypothesis of the plan (…) point to a basic uncertainty which may create important doubts about the Group’s capacity for continuing to operate.”
Criteria, La Caixa’s investment arm, and Abertis’ largest shareholder with 21.55%, will take up the offer launched by ACS, Hochtief and Atlantia and will sell the whole of its stake in the Spanish concessionaire.
So here is the final chapter in the story of the bid for Abertis: ACS and Atlantia have agreed to share management of the new company they will create to buy Abertis, in which they will each hold a 50% stake. Both companies want to keep the current management team. The chairman will be Spanish and Abertis’ HQ will be in Madrid.
The US President has approved a discretionary imposition of tariffs on steel (25%) and aluminium (10%). So what does this mean for Spanish domestic manufacturers Arcelor and Acerinox?