Spanish fund manager, Francisco García Paramés, has recently proved he is able to see value in stocks which the market has not looked at very closely, or has simply undervalued. There are two Portuguese stocks, Correios and EDP, in his Iberian Fund.
There are rumours of a corporate transaction. Iberdrola, Gas Natural, Engie and Enel are tipped in the press to be candidates for a key role in a corporate deal with EDP. These companies would potentially be interested in participating in an operation, so as not to be outmanoeuvred in the next wave of mergers in the sector.
Portugal’s amazing economic recovery (contrary to the general consensus two years ago that it would be the next country to fail amid the sovereign debt crisis) is now reflected in its investment grade (an investment grade rating except from Moody’s). Investors are buying both shares and bonds.
Iberdrola, Enel and EDP, along with other European energy groups, have sent a letter to the European Commission and the European Parliament calling for more ambitious objectives with respect to renewable energies in the EU.
The government of Portugal has sold to the Chinese company Three Gorges Corporation a package of shares representing 21.35% of the social capital that the…