Gestamp said on Tuesday it has bought a factory in Brazil which currently supplies bodywork components for the Japanese car manufacturer Toyota. The Spanish multinational flagged that this operation fits in with its goal of increasing its Japanese clients, who currently manufacture almost a third of global vehicles.
SPANISH SMALL & MID CAPS
Amidst the market turbulence of the last few days, Metrovacesa returned to the stock exchange through the back door. Between the fact that its share offer was already somewhat jinked (after it was forced to reduce the price due to a lack of investor appetite) and that yesterday’s session was dominated by fear, the property firm’s shares fell 3% on their debut.
The price for Metrovacesa’s return to the stock market will be in the range of €18,0/€19,5 per share, implying an initial market capitalisation of between €2.730 billion and €2.957 billion.
Ebro Foods has announced the acquisition of 70% of Italian fresh pasta maker Bertagni (the current shareholders and management team will maintain the remaining 30%) for 130 million euros.
Property firm Metrovacesa, controlled by BBVA and Santander, has confirmed it will return to the stock market via an IPO of its shares amongst institutions.
Hotel chain Barceló has proposed a merger deal with NH Hoteles whereby it would own 60% of the new group. The tie-up of the two chains would create a sector leader in Spain and the third biggest hotel chain in Europe.
Abengoa posted net profit of 4,733 million euros in the nine months to September 2017, compared with losses of 5.413 billion a year earlier, due to the impact of the company’s financial restructuring on its balance sheet.
Last Friday afternoon, Fluidra revealed its merger project with its US-based rival Zodiac, world leader in Premium products for swimming pools. The new company, which will keep the name Fluidra and will continue to trade on the Spanish market, will have a presence in 46 countries and a workforce of 5,500.
Since it announced the sale of its concessions division in Mexico, its biggest source of earnings, OHL is expected to look for alliances to regain muscle. A merger with another European construction company could be a possibility.
Liberbank has signed a binding agreement to set up a company with Bain Capital Credit and Oceanwood. The aim will be to administer, develop and dispose of a portfolio of foreclosed property assets belonging to the LBK group.