Norbolsa | Telefónica and Vodafone Spain are looking for an outside investor for their fibre optic joint venture, FibreCo. Funds such as Vauban, AXA and GIC have shown interest in acquiring up to 39% of the stake, in a deal valued at €2 billion and expected to close in the first half of 2025. Telefónica will retain the majority (51%) and Vodafone 10%. On 7 November, Telefónica de España and…
Alphavalue / Divacons | Luis Cabra Dueñas, deputy general director of the oil company, said that the energy transition plans in Spain ‘are still awaiting’ the resolution on the possible extension of the energy tax. It is a ‘question of economic reality’, he said. ‘Repsol has energy transition plans in its refineries and in the renewable electricity generation sector worth billions over the next few years. If part of the…
Morgan Stanley | The company has unexpectedly announced an increase in tolls on its 407 ETR highway by 2025, with multiple new features and an overall increase of ~20%/trip (MSe). Changes include: i) toll increase from 1 January versus (typical) 1 February, ii) further fine-tuning of the toll network, with the 108km motorway now divided into 12 zones (against four previous) plus five vehicle types (as opposed to three previously)…
Alphavalue/DIVACONS | The Spanish pool and spa company has agreed to acquire pool cover manufacturer BAC pool Systems. The financial terms of the deal have not been disclosed. BAC, which focuses on the German and Swiss markets, has a team of around 60 employees and by 2024 estimates sales and adjusted EBITDA of around €13 million and €2.5 million, respectively.
The president of the steel company Sidenor, José Antonio Jainaga, conveyed last week to the Trilantic fund, the main shareholder of Talgo, an offer that involves the payment of €148 million for its 29.9% stake, which includes a premium over the current stock market levels. However, the price seems to fall short of the financial entity’s expectations.Talgo recorded a 3.27% increase in the stock market on Monday, reaching €3.47 per…
Alphavalue/ Divacons | Shares in the Spanish olive oil company fell 6.09% on Friday. The company reported that Carapelli Firenze, its Italian subsidiary, has received from the Italian court of second instance the notification of an unfavourable ruling in relation to the tax claim linked to its dispute with Italian customs, which dates back to 2014. Deoleo adds that, once it has been notified of the full content of the…
Link Securities | The textile group Inditex (ITX) is to inaugurate in its new shop in Hermosilla (Madrid) the concept of cafeterias that it will extend all over the world, according to the newspaper Expansión. The next shop openings with a Zacaffé will be in Tokyo (Japan) and Seoul (South Korea). The Zacaffé at Hermosilla 14 (Madrid) is located in the group’s new Zara Man shop, although it has a…
Link Securities | The French government has prequalified 12 bidders to develop new offshore wind farms off the coast of France through the AO9 tender for up to 2.9 gigawatts (GW) to install offshore wind farms at four sites, including Iberdrola (IBE), according to Expansión newspaper. One will consist of the extension of an existing farm in southern Brittany, two others will be located on the Mediterranean coast and the…
Norbolsa | Business activity expanded in November at the fastest pace in over two and a half years when the preliminary PMI reading reached 55.3 (54.3 estimated against 54.1 previously) driven by expectations of a lower interest rate environment and “pro-business” policies from the Trump administration. By sector, the momentum in services (57 versus 55 estimated against 55 previously) was surprising, with the new order readings expanding to levels of…
Link Securities | Having fulfilled the last of the conditions attached to the transaction yesterday Acerinox, through its wholly owned US subsidiary North American Stainless (NAS), has completed the acquisition of 100% of the shares of the US company Haynes International Inc. for a total cash consideration of $798,735,508. The acquisition agreement was signed on February 4th of this year, subsequently the operation was approved by the General Shareholders’ Meeting…