Intermoney | Aena has just announced the acquisition of a 51% stake in the holding company that wholly owns Leeds and Newcastle airports for around £270 million, or €310 million. The operator expects to complete the transaction in Q2 2026. There will be a conference call today at 9 a.m. Aena already has a presence in the United Kingdom through Luton Airport, which it consolidates globally, and which we expect…
Renta 4 | Talgo has informed the CNMV (Spanish Securities Market Commission) that today it has executed the sale agreement whereby Trilantic, through its vehicle Pegasus International, has transferred its 29.76327% stake in Talgo to the Basque consortium formed by Clerbil, S.L., Finkatze Kapitala Finkatuz, S.A., Fundación Bancaria BBK and Fundación Bancaria Vital – Vital Banku Fundazioa. In addition, the following changes have been made to the composition of the…
The European Commission has revealed that the Spanish Government has abandoned 64 measures originally planned to be financed with European funds for various reasons that render them “unreachable.” This was disclosed in the Commission’s decision to accept Spain’s new Recovery Plan, in which the Government extensively revises its 2021 commitments downwards, withdraws from major programs—the so-called PERTEs—and renounces 37% of the European funds to which it was entitled. According to…
Bankinter | Non-farm payrolls (November) came in higher than expected at 65k versus 50k expected. Private payrolls surprised on the upside, reaching 64k versus 50k. However, October figures reflected notable weakness in the labour market, with non-farm payrolls down by 105k. The unemployment rate rose unexpectedly by two tenths of a percentage point to 4.6% (versus 4.5% expected and 4.4% previously), as a result of a proportionally higher increase in…
Alphavalue / Divacons | Blackrock adjusted its stake in Naturgy to 12.6% after selling 7.1% held through Global Infrastructure Partners (GIP), according to the latest update of the National Securities Market and (CNMV) records published yesterday. This makes the investment fund the fourth largest shareholder, behind Criteria (23.96%), CVC (18.58%) and the Australian fund IFM (15.16%). Meanwhile, CriteriaCaixa strengthened its position as Naturgy’s main shareholder by increasing its stake to…
Renta 4 | China has decreed the imposition of 19.8% tariffs on pork imports from the European Union. Following an investigation, China has concluded that the EU was exporting pork to China in terms of unfair competition. However, given that Spain has cooperated in the investigation, the tariffs imposed on Spanish pork will only amount to 9.8%. Furthermore, this tariff does not affect Iberian pork. Assessment: This news is negative…
Link Securities | The National Statistics Institute (INE) reported that in September, home sales in Spain fell by 2.5% year-on-year to 67,789 transactions. Compared to September, the number of home sales rose by 6.3%, while the cumulative increase for the year to October (10M25) was 12.3%. In the month analysed, 93.4% of the homes sold in October were private and 6.6% were social housing. Furthermore, in year-on-year terms, the number…
Renta 4 | Focuses on growth in Spain and Europe, with assets in Latin America (total equity R4e €602 million) likely to be divested in the short/medium term, as they are considered non-strategic. Long-term growth opportunity lies in the development of the European hydrogen market: 1) Spanish trunk network (investment of €2.65 billion, regulated business, 20% subsidy), and 2) international interconnections (€330 million, with France unregulated with no volume risk…
Link Securities | Spanish pharmaceutical company Grifols (GRF) reported on Tuesday that on 11 December 2025, the European Medicines Agency (EMA) had issued a Certificate of Compliance with EU legislation for plasma supplied by Grifols Egypt for Plasma Derivatives (GEPD), the joint venture established in 2020 between Grifols and Egypt’s National Service Projects Organisation. This certification was granted following a quality inspection of the plasma centres owned by GEPD and…
Alphavalue/Divacons | On Tuesday, the Spanish telecommunications company communicated its final proposal for the redundancy plan affecting Telefónica Global Solutions, Telefónica Innovación Digital and Telefónica S.A. to the UGT and CCOO trade unions. In this final offer, the operator has proposed reducing the impact of the collective redundancy by an additional 5%, bringing the total adjustment to 20% in these three subsidiaries. This measure represents a decrease in the number…