Link Securities| In a Significant Event sent to the National Securities Market Commission (CNMV), the Italian company Esseco Industrial S.p.A. has decided to launch a public, voluntary and competing tender offer (Tender Offer) for the acquisition of all the shares into which the share capital of Ercros (ECR) is divided. The Offer is aimed at the entire share capital of Ercros, represented by 91,436,199 shares with a par value of…
Bankinter: Consumer confidence worsens to -21.8 in July versus -19.5 expected against -21.0 previous (revised from -20.9). Analysis: The index that measures Consumer Confidence interrupts the improvement trend of the previous four months in an environment marked by the rebound in Inflation (+2.4% in May versus +2.2% before). This is not a good sign, it confirms the weakness of the German economy, something that is also seen in the latest…
Alphavalue/DIVACONS | Talgo (TLGO) held its General Shareholders’ Meeting on Thursday. Talgo’s president, Carlos de Palacio, acknowledged the need to strengthen the train manufacturer’s industrial area in order to avoid further delays in deliveries and to be able to face with guarantees a record order book of over €4 billion. Talgo’s president also highlighted the company’ s international projection outside of the takeover bid, assuring that in the coming years…
Bankinter : Moody’s decision is motivated by “weak” liquidity, high leverage (6.8x EBITDA despite the recent sale of 20% of Shanghai RAAS), corporate governance with a “complex and opaque organisational structure”, highlighting the linked operations between Grifols, Scranton, Haema and BPC, and “slower than expected” free cash flow generation. In contrast, Fitch maintained its rating at B+ and upgraded the outlook from negative to stable. Assessment: News with a negative…
The British asset manager Cinven will buy the Spanish real estate portal, in a transaction that values the company at €2.9 billion, making it the largest acquisition in the history of an online company closed in Spain. The price at which the transaction has been finally closed implies multiplying by 2.2 the valuation of Idealista when the Swedish fund EQT took control of the company in September 2020, for €1.3…
The Conference Board’s consumer confidence index declined in June, although somewhat less than expected: specifically, this indicator stood at 100.4 from 101.3 previously and slightly above the 100 expected. This lower confidence was mainly explained by the decline in the expectations component (73 versus 74.9 previously), as the reading of the current situation improved (141.5 versus 140.8 previously). Still in the US, the S&P Case-Shiller index of house prices in…
Alphavalue/DIVACONS | The company announced the start-up of its third biomethane plant in Spain, which will increase its renewable gas production capacity to 29 GWh per year, an amount equivalent to the gas consumption of about 6,000 homes, according to a statement yesterday. On the other hand, Ángel Simón, CEO of Criteria Caixa, said that “one of the first initiatives, if not the first” of Criteria’s Strategic Plan is to…
Gregor MA Hirt Global CIO Multi Asset (Allianz GI) | French President Emmanuel Macron called a snap general election following the success of far-right parties in the EU elections in June. The first round of the election is to be held on 30 June followed by a final round a week later. According to the polls, the governing party – President Macron’s Renaissance – is set to lose power although…
In a year, 2023, of global decline in Foreign Direct Investment (FDI) and, despite the modest economic growth experienced by the region, Latin America maintained its position in this category, with a slight decrease of 1% in the arrival of foreign capital. The US, Spain, the Netherlands and Luxembourg were the main investors in Latin America during a year in which global FDI contracted by 2%, to 1.3 billion dollars….
Caritas, the Catholic Church’s organisation for helping the needy, assisted 1,327,298 people in Spain last year, 50% of whom (around 670,000) were in employment, i.e. they were working poor. Moreover, one out of every three people assisted was in an irregular administrative situation, according to the Caritas Confederal Report. The document details that, during 2023, Caritas invested a “record amount” of €486.5 million, which is €29.3 million (6.4% more) than…