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Spanish economy 22nd April 2024

Congress of Deputies to debate Sumar’s proposal for trade unions to join boards of directors

The Congress Labour Committee will debate this Tuesday the proposal of Sumar, the party led by the vice-president and Minister of Labour, Yolanda Díaz, to include workers, their representatives and trade union organisations on the boards of directors of companies and business groups, with the aim of promoting a “more democratic functioning of companies”. Yolanda Díaz, a Communist Party activist, says she wants to take an example from the co-determination…

Spanish economy 22nd April 2024

TAQA would have to negotiate Naturgy’s credits with banks because part of debt subject to change of control clause

Link Securities| Most of Naturgy’s debt, which is around €12,000 million, is subject to a clause relating to the change of control, either by acquiring more than 50% of the voting shares or by obtaining the right to appoint the majority of the members of the Board of Directors of Naturgy, according to Expansión. According to the newspaper, Abu Dhabi-based energy company TAQA, which is finalising its takeover bid for…

Spanish economy 19th April 2024

Puig Brands (Carolina Herrera, Paco Rabanne, Jean Paul Gaultier…) to go public on May 3, with valuation over €12.7 billion

Puig Brands – the group that owns Carolina Herrera, Paco Rabanne, Jean Paul Gaultier, Nina Ricci and Charlotte Tilbury – will go public on 3 May at a price of between €22 and €24.5 per share. That means a valuation of between €12.7 and €13.9 billion. And although it has not yet approved a shareholder remuneration policy, it says it expects to pay out 40% of its profits in dividends….

Spanish economy 19th April 2024

Bankinter: 1Q24 First Take – Slight beat versus consensus, NII dynamics supportive

Jefferies Equity Research| 4% PBT beat versus consensus in 1Q 24, driven by better income and costs, only offset by a small miss on impairments. The print confirms NII trends are still positive (up 1% quarter-on-quarter), despite flat growth, but margin dynamics proving supportive (cost of deposits only up 3bp quarter-on-quarter, likely at peak). Costs were 3% lighter than consensus and trending better than the LSD-MSD year-on-year growth guidance provided…

Spanish economy 18th April 2024

Sacyr inaugurates Uruguay Central Railway after investment of €915 M

The President of Uruguay, Luis Lacalle Pou, together with other government and business authorities, has inaugurated the Ferrocarril Central de Uruguay project, a railway corridor linking the city of Paso de los Toros, in the centre of the country, with the port of Montevideo, built by the Grupo Vía Central consortium, led by Sacyr (SCYR) Concesiones. The new line has an extension of 265 kilometres and required the laying of…

Spanish economy 18th April 2024

TAQA negotiates €26,000-million bid for Naturgy with CVC and GIP

TAQA, the Emirates giant, confirmed yesterday that it is negotiating with CVC and GIP, and in agreement with La Caixa, an offer for 100% of Naturgy. Because if an agreement is reached for CVC and GIP to sell, and given that they account for more than 40%, TAQA would have to make a takeover bid for 100%. After the confirmation of the negotiations, the National Securities Market Commission (CNMV) suspended…

Spanish economy 17th April 2024

Government asks Criteria to put together Spanish counter-bid for Talgo to avoid Ganz Mavag’s

Alphavalue/ Divacons | The Minister of Transport, Óscar Puente, said yesterday that “we must wait for other players”, referring to the takeover bid by the Ganz Mavag consortium for Talgo, which the government is rejecting. Among these “players”, Puente wants Criteria, the investment arm of La Caixa, which, according to government sources, has been contacted to put together a counter-bid with a Spanish stamp. In fact, the newspaper Expansión suggests…

Spanish economy 17th April 2024

Industrial investor like Taqa could take over from one or more of Naturgy’s financial investors

Santander Corporate & Investment | After a week of rumours in the press about a reorganisation of Naturgy’s (NTGY) shareholding structure (Baa2 e, BBB e, BBB e), Naturgy’s main shareholder, Criteria (with a 26.7% stake), announced a relevant fact on Monday. Criteria affirmed its long-term commitment as an investor in Naturgy and expressed its explicit support for the company’s transformation plan. Criteria also acknowledged that it has continued talks with…

Spanish economy 17th April 2024

Spanish Banks 1Q24 | What to Watch for?

Jefferies Equity Research | Spanish Banks’ 1Q24 earnings season kicks off later this week. We expect focus to remain on the NII print/guidance in a context where rates expectations have moved up YTD. Loan growth still not helping, but in-check asset quality is an offsetting factor. Outside Spain, Mexico’s numbers came relatively solid into early Q1 24 as per CNBV data. In Brazil, loan growth is now flat in real…

Spanish economy 17th April 2024

Investment and productivity in Spain remain stagnant, according to McKinsey

In the report entitled “Investing in Productivity Growth”, the consultancy points out that data for Spain shows that since 2012, labour productivity growth has been 0.4%, compared to an average of 0.5% in the rest of the major European economies, and 1% in the United States. Spain, the report points out, has had a sustained low productivity growth for a quarter of a century – only in Italy has it…

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