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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.
Montero

Spanish economy 17th July 2024

Government raises ‘spending ceiling’ to record €199,171 million in 2025 and forecasts deficit of 2.5%

The Government has raised the ‘spending ceiling’ to a record €199,171 million in 2025 and forecasts a deficit of 2.5%. It includes a transfer from the State to the Social Security to the amount of €22,800 million, which represents an increase of 7%. Minister Montero explained that this figure of €199,171 million is “quite similar” to that recorded in the previous year -only slightly higher–, given that from now on…

Grifols

Spanish economy 17th July 2024

Moody’s withdraws Grifols ‘B3’ corporate rating and ‘B3-PD’ probability of default rating among others

Bankinter | Moody’s has stopped rating Grifols’ debt because it believes it has “insufficient or inadequate” information to maintain its ratings. Thus, the agency withdraws Grifols’ corporate rating of ‘B3’ and the probability of default rating of ‘B3-PD’ and the other ratings (senior unsecured debt, secured debt and bank credit lines). Prior to the withdrawal, the outlook was ‘stable’ for all ratings. The Company continues to work with S&P and…

Telefonica novisima

Spanish economy 16th July 2024

Competition authorities to allow Telefónica greater flexibility in commercial fibre offer following market share reduction in Spain

Norbolsa | The National Markets and Competition Commission (CNMC) frees Telefónica from having to notify the launch of new products or promotions before going to market, which will allow the company greater flexibility in its commercial fibre offer. This is because following the ORA-MAS merger and the operator’s shrinking market share in Spain is causing the CNMC to relax its requirements on the operator. The current methodology of the replicability…

produccion industrial1

European economy 16th July 2024

Eurozone industrial production contracts 2.9% year-on-year in May (against 3.1% in previous month), but grows 0.7% for energy

Link Securities | Eurostat published yesterday that industrial production in the Eurozone declined 0.6% in the month of May relative to April, in seasonally adjusted data. The reading beat the 1.0% drop expected by FactSet’s consensus of analysts. By industry type in May, output fell 1.0% for intermediate goods, 1.2% for capital goods and 1.8% for consumer durables. Conversely, output rose 0.8% for energy and 1.6% for consumer non-durables. Year-on-year,…

talgos

Spanish economy 16th July 2024

Czech company Skoda finalizes offer to enter Talgo with support of government

The board of directors of Talgo held an emergency meeting this Monday afternoon, at 8 p.m., to inform its members of the arrival of a “non-binding expression of interest” from the Czech company Skoda Transportation, accompanied by other Spanish players. This operation, sponsored by the Spanish Government, aims to counteract the bid of the Hungarian consortium Magyar Vagon, which has offered €619 million for 100% of the company and which…

siemens gamesa

Spanish economy 16th July 2024

Government and banks give Siemens Gamesa boost with €1.2 billion guarantee facility

This Monday, a line of guarantees of €1,200 million has been formalized for the wind power plant builder. The support has been granted by Cesce, in which the State has a 50.25% stake, and six financial institutions, including BBVA and BNP Paribas as structuring banks; and Caixabank, Crédit Agricole, KutxaBank and Santander as members of the banking syndicate. Gamesa will use these funds to back its wind power projects with…

repsol banderines

Spanish economy 16th July 2024

Repsol ends Buy-Back Programme after acquiring 35 million shares

Links Securities | Repsol (REP) informs that, following the last of the acquisitions, the company has reached the maximum number of shares to be acquired under the Buy-Back Programme, i.e. 35,000,000 shares (representing approximately 2.87% of Repsol’s share capital prior to the execution of the capital reduction referred to below). As a result of the foregoing, and in accordance with the terms of the aforementioned Buy-Back Programme, the company also…

iberdrola megachuli

European economy 16th July 2024

KKR offers Iberdrola a UK alliance in bid for ENWL

Bankinter | Iberdrola (IBE) is in the final straight to bid for the British electricity company Electricity North West Limited (ENWL). Iberdrola, on the one hand, and Engie and Quebec , on the other, will present their binding bids for ENWL on 24 July. ENWL is one of the ten largest distribution networks in the UK , controlling the North West of England. The American fund has approached Iberdrola offering…

ercros

Spanish economy 15th July 2024

Ercros: Bondalti’s acquisition bid price becomes €3.505/share

Banco Sabadell : In relation to the application for authorisation of the voluntary takeover bid launched by Bondalti Ibérica, S.L. for all the shares of Ercros, filed on 5 March 2024, which was admitted for processing by the National Securities Market Commission (CNMV) on 20 March 2024, it is hereby stated that, as a result of the dividend of €0.096 gross per share paid by Ercros to its shareholders on…

Francia Europa

European economy 15th July 2024

France will need to raise €15 billion in additional tax revenues or savings to meet requirements of European authorities

Intermoney | In sovereign debt, the spread between the OAT and the Bund seems to be normalising and currently stands at 66 bp. As we have been explaining from IM, the governing coalition will have little room to expand spending and widen the deficit, considering that Brussels had put France in the excessive deficit procedure. What’s more, the next French government would have to stump up €15 billion in additional…