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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.
OHLA azulito

Spanish economy 20th November 2024

More than 93% of OHLA debt bondholders support recapitalisation plan

Alphavalue / Divacons | The construction company received the backing of more than 93% of its debt bondholders to implement the group’s recapitalisation plan, which aims to improve its financial situation, ensure the sustainability of its debt by progressively reducing its indebtedness and strengthen its capital structure. The construction company informed the Spanish National Securities Market Commission (CNMV) yesterday that, with this level of adhesions, it has ‘sufficient majority’ to…

InmoColonial

In Spain 20th November 2024

Cancellation of REITs regime rejected

Intermoney | The annulment of the tax regime for the REITs, previously agreed by the PSOE and Sumar, was not approved on Monday at the marathon meeting of the Finance Committee of the Congress of Deputies, which ended after midnight. This initiative was part of other tax reforms that were to accompany the transposition in Spain of the EU directive on the minimum percentages of profits that multinationals should pay…

vivienda

In Spain 19th November 2024

Housing transactions in Spain grow 41.5% in September (year on year), highest single-month figure since 2007

Bankinter : Housing transactions grew 41.5% in September (year-on-year) to 61,887 units versus 0.9% previously. This represents an accumulated increase of 3% so far this year (against a 5% estimated drop in 2024). Opinion of Bankinter’s analysis team: Good news. Transactions grew strongly in September, supported by the interest rate cuts, and reached the highest number of transactions in a month since 2007. A further sign of the strength of…

Iberdrola edificio

In the World 19th November 2024

Iberdrola left alone in tender for 600 MW of Neoen in Australia

Banc Sabadell | The Australian fund HMC has withdrawn from the auction for 600 MW of Neoen assets put up for sale in Australia and Iberdrola (IBE) may have been left alone in the tender, although it is not clear that it has obtained exclusivity, according to press reports. The portfolio would consist of three operating assets: a 128 MW solar farm, a 194 MW wind farm and a 20…

utilities

In Spain 19th November 2024

Decline in wind and nuclear energy generation drives electricity prices in Spain above €100/MWh, 50% higher than last month

The daily price of the Spanish wholesale market (POOL) as of November 17 stands at €104.03/MWh. This is 51.78% higher than last month (€68.54/MWh) and 64% higher than a year ago (€63.45/MWh). According to analysts from Grupo ASE, this price increase is due to the reduction in wind and nuclear generation coinciding with a rise in gas prices, which makes combined cycle production more expensive. Therefore, in recent days, electricity…

Acerinox

In Europe 19th November 2024

Acerinox receives final Austrian antitrust approval for Haynes acquisition, completing all necessary clearances

Morgan Stanley | Acerinox confirmed on Friday that Austrian authorities have issued an antitrust clearance for the Haynes acquisition, reinforcing the possibility that the deal will close in 4Q24. While the deal will generate revenues immediately, given the planned $200m investment in Haynes (plus acquisition costs), it will not have a significant impact on FCF until 2028. While this should likely delay the prospect of excess shareholder returns, Ioannis Masvoulas…

banco sabadell

Spanish economy 18th November 2024

Banco Sabadell minority shareholders appear in file opened by CNMC on BBVA takeover bid

Alphavalue / Divacons | The Association of Minority Shareholders of Banco Sabadell (Aambs) requested to be considered an interested party in the file opened by the National Markets and Competition Commission (CNMC) in relation to the takeover bid that BBVA wants to launch on the bank. The association has invoked the antitrust regulations to protect its right to be considered an interested party, as it is an entity that represents…

semiconductores 1

World economy 18th November 2024

Europe gets closer to Taiwan to promote semiconductor manufacturing in Europe and reduce dependence on Asia

Norbolsa | Taiwan is approaching Europe to conclude an economic agreement and closer economic cooperation, a route from which it has so far been excluded because it has not been represented in these forums. Europe is also seeking such cooperation, as a way to promote semiconductor manufacturing in Europe and reduce dependence on Asia. Taiwanese investment in the EU has been boosted by Taiwan Semiconductor Manufacturing Co. (TSMC), which in…

Portuguese real estate has recovered remarkablyrecovery.

European economy 18th November 2024

European ratings: Moody’s maintains Portugal’s outlook at A3 stable and Fitch and S&P maintain Ireland’s at AA

Bankinter | Moody’s maintains Portugal’s rating and outlook at A3 “Stable”. For our analysts this is good news for the Portuguese economy. “The financial rating agency considers that this rating is a reflection of a competitive and diversified economy”. Moody’s forecasts GDP growth of +1.6% in 2024 and +2.2% in 2025. However, it continues to point to challenges such as the high public debt ratio, although it acknowledges that it…

endesa cartel

In Spain 18th November 2024

Purchase of Acciona’s hydro assets enables Endesa to increase market share in renewable generation

Renta 4 | The company has reached an agreement to acquire Acciona’s hydro assets in Spain. The deal consists of 656 MW of 34 plants generating 1.3 TWh in 2023, for which Endesa has agreed to pay €1,000 million debt-free, financed with its own funds, and which is expected to close in 1H25, subject to the relevant regulatory approvals. Assessment: The remaining useful life of these assets is limited in…