TAQA, the Emirates giant, confirmed yesterday that it is negotiating with CVC and GIP, and in agreement with La Caixa, an offer for 100% of Naturgy. Because if an agreement is reached for CVC and GIP to sell, and given that they account for more than 40%, TAQA would have to make a takeover bid for 100%. After the confirmation of the negotiations, the National Securities Market Commission (CNMV) suspended…
Renta 4 | We show the European sector which includes auto and parts companies. The chart shows how it has overcome a resistance zone at 670 points, which has been in place since 2015 and which had served as an obstacle in several bullish impulses. In this context of free ascent, the relative performance ratio with respect to the Eurostoxx 50 timidly overcomes the downtrend since 2018, showing a better…
Alphavalue/ Divacons | The Minister of Transport, Óscar Puente, said yesterday that “we must wait for other players”, referring to the takeover bid by the Ganz Mavag consortium for Talgo, which the government is rejecting. Among these “players”, Puente wants Criteria, the investment arm of La Caixa, which, according to government sources, has been contacted to put together a counter-bid with a Spanish stamp. In fact, the newspaper Expansión suggests…
Santander Corporate & Investment | After a week of rumours in the press about a reorganisation of Naturgy’s (NTGY) shareholding structure (Baa2 e, BBB e, BBB e), Naturgy’s main shareholder, Criteria (with a 26.7% stake), announced a relevant fact on Monday. Criteria affirmed its long-term commitment as an investor in Naturgy and expressed its explicit support for the company’s transformation plan. Criteria also acknowledged that it has continued talks with…
Alicia García Herrero (Natixis) | China’s Two Sessions – the National People’s Congress (NPC) and the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) – took place from March 4-11 in Beijing. This year, the Two Sessions have been particularly important for understanding where the Chinese economy is heading, as new Premier Li Qiang delivered his first “Work Report,” which marked the beginning of a new economic era….
Jefferies Equity Research | Spanish Banks’ 1Q24 earnings season kicks off later this week. We expect focus to remain on the NII print/guidance in a context where rates expectations have moved up YTD. Loan growth still not helping, but in-check asset quality is an offsetting factor. Outside Spain, Mexico’s numbers came relatively solid into early Q1 24 as per CNBV data. In Brazil, loan growth is now flat in real…
In the report entitled “Investing in Productivity Growth”, the consultancy points out that data for Spain shows that since 2012, labour productivity growth has been 0.4%, compared to an average of 0.5% in the rest of the major European economies, and 1% in the United States. Spain, the report points out, has had a sustained low productivity growth for a quarter of a century – only in Italy has it…
Banca March: The Bank of Spain warns that public debt will soar in the medium and long term in the absence of a consolidation plan. At the end of 2023, the debt ratio was 107.7% of GDP and a structural deficit balance (excluding the cyclical part) of -3.7%. In the absence of fiscal policies, debt would reach 108% in 2026 and 120% in 2024. The institution estimates that, with an…
The Sociedad Estatal de Participaciones Industriales (SEPI) has informed the National Securities Market (CNMV) that its stake in Telefónica’s share capital has now reached 5%, half of the established target. SEPI thus complies with the Council of Ministers’ agreement ordering the purchase of Telefónica shares up to 10%, “minimising the impact on the share price and complying with the notifications of significant shareholdings established in the regulations”, the public holding…
The Minister of Transport, Óscar Puente, assures that the takeover bid for Talgo by the Hungarian consortium led by the Magyar Vagón group, which in the past had corporate links with Russian companies, enters the geopolitical scene, since TALGO’s movable axle patent is “critical” in areas such as the Baltic countries where the main concern is “military mobility”. “The context is not easy and Talgo has very sensitive material…. “It…