Norbolsa : The strike in the Eastern USA ports has come to an end, with the agreement between the operators and the dockers, in what has been the longest conflict in the last 50 years. They have obtained a rise of 62% over 6 years, with the hourly wage rising from 39$/h to 63$/h. With the reopening of ports, there is a relief in the market, which feared the impacts…
Bankinter: The Financial Stability Fund (HFSF) is selling 10.0% of NBG’s capital for €690m, equivalent to a price of €7.55/share. The 8.4% that the HFSF still holds in the bank will be transferred to the Greek sovereign wealth fund. Analysis team’s view: This is good news because it confirms investor interest in the sector, especially for the entities listed at the most attractive valuation multiples. For reference, NGB trades at…
BancaMarch: On Thursday, potential tax hikes in France were discussed, this Friday it is the turn of Italy. In the Gallic country, the Budget Minister has given more details on temporary taxes on higher-income taxpayers and large companies – already announced on Monday by Barnier and on Wednesday by Macron. In the first case, he indicated that they would affect only 0.3% of households, those without children who earn more…
Link Securities | Avangrid, a US subsidiary of Iberdrola (IBE), has been selected by the US Department of Energy (DOE) for a $425mcapacity contract for its Aroostook renewable project, according to Bolsamania. The DOE announcement comes as the Maine Public Utilities Commission (MPUC) prepares to issue a request for proposals for transmission lines to connect 1,200 MW of renewable energy to the New England power grid in Maine. The generation…
Link Securities | The Statistics on Tourist Movements at Borders (FRONTUR), produced by the National Statistics Institute (INE) shows that Spain received 10.9 million international tourists in August, 7.3% more than in the same month of 2023. Over the month, France was the main country of residence for tourists arriving in Spain, with more than 2.1 million tourists and an increase of 8.3% compared to August 2023. From the United…
Renta 4 | The Ontario government, through its Premier, has announced the possibility of taking control of the ETR 407 highway, in which Ferrovial (FER) has a 43.23% stake (50.01% CPP Investments and 6.76% AtkinsRéalis Canada), given the economic complexities involved in the construction of a tunnel under highway 401 (parallel to the 407 and which has high levels of traffic congestion). The expropriation of the asset would be done…
Jefferies | BBVA’s Adjusted Offer to Sabadell: Cash Component Was a Given. The adjusted offer made by BBVA to SAB, including the newly added cash component, comes as no surprise, as it is well in line with the adjustment terms described in the initial offer. We note a delay in the timeline of the deal would mechanically increase the cash proportion of the offer, which would have to reflect all…
On Tuesday, October 1, BBVA announced a change in the share exchange it was offering for Sabadell in the takeover bid it has proposed to acquire the Catalan entity: it changed from offering one new BBVA share for 4.83 Sabadell shares to offering one share of the bank for 5.0196 shares of the Catalan bank and a cash payment of 0.29 euros per share. According to BBVA, this change aligns…
Link Securities | Credit rating agency Moody’s has upgraded Merlin Properties’ long-term issuer rating to “Baa1” from “Baa2”, the digital portal Bolsamania.com reported yesterday. In addition, the outlook has been changed from “positive” to “stable”. This upgrade, as they point out, reflects good operating performance driven by continued rental growth, sustainably lower leverage and long-term benefits from an improving business profile that is shifting towards favourable asset classes with a…
While manufacturing PMIs slump to 45pt (48.8p) in the EZ, with Germany at 42.4 and France at 43.9, Spain unexpectedly rebounds to May highs: up to 53 (50.5 in August). Italy starts to feel the German cold given its industrial links and falls back (48.3, 49.4p). Time will tell how much European slippage the Spanish economy can withstand but for the time being, this geography, and beta (tier 2 names),…