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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.
ercros

European economy 28th July 2024

26.86% of Ercros shareholders reject takeover bids by Portugal’s Bondalti and Italy’s Esseco

Link Securities | As reported yesterday by the Bolsamania.com portal, around 150 Ercros shareholders holding a total of 24,554,822 shares in the company, representing 26.86% of the share capital, have expressed their rejection of the takeover bids launched by Portugal’s Bondalti for 100% of the company on 5 March and by Italy’s Esseco on 28 June. In a statement sent by Ercros itself to the Spanish National Securities Market Commission…

acerinox industria acero

Relevant News Item 28th July 2024

Acerinox’s net profit reaches €114m, 59% lower than in 1H2023

Link Securities | Acerinox (ACX) presented on Thursday its results for the first half of the year (1H2024), of which we highlight the following aspects: The 1H2024 results have been affected by the strike at the Acerinox Europe plant from 5 February to 21 June. Thus, ACX’s 1H2024 turnover reached €2,781 million, 21.0% lower than in the same half of the previous year.Also, ACX’s EBITDA ended June at €236 million,…

macron

European politics 26th July 2024

Macron to not name prime minister until end of August, after Olympics are over

Banca March: Emmanuel Macron has announced that he will not appoint a prime minister until the end of August, once the Olympic Games are over. The French president declared that ‘until mid-August we must focus on the Olympics’. He also indicated that after that time and depending on the progress of the negotiations, it will be his responsibility to choose a prime minister and entrust him with the task of…

banks general 777x400

Spanish economy 26th July 2024

Brussels opens proceedings against Spain for failing to complete transposition of European rules on bank restructuring and resolution

In addition, the European Commission has also given Spain a two-month ultimatum to transpose the directive on receivables managers and purchasers into national law. In two separate proceedings, Brussels has, on the one hand, opened a sanctioning file against Spain for failing to fully transpose the amendments to the directive on bank rescue and resolution, which relate to the prudential treatment of global systemically important institutions and the loss-absorbing and…

Endesa dividend yield

Relevant News Item 26th July 2024

Endesa sells 49.99% of its 2-GW solar portfolio to Masdar for €817 million

Endesa has closed the sale of 49.99% of a large solar portfolio of 2,000 MW of capacity to the Emirati renewables fund Masdar for €817 million, the energy company informed the National Securities Market Commission (CNMV) on Thursday. The agreement will be accompanied by a 15-year power purchase agreement (PPA), which will be managed by a firm wholly controlled by the electricity company headed by José Bogas. With the entry…

bbva sabadell

European economy 26th July 2024

ECB assures its opinion on BBVA’s takeover bid for Banco Sabadell will not be delayed for too long

Link Securities | In an interview with Europa Press, the Vice-President of the European Central Bank (ECB), Luis de Guindos, said yesterday that the institution’s opinion on BBVA’s takeover bid for Banco Sabadell (SAB) will not be delayed for long. BBVA requested authorisation from the ECB to launch the takeover bid on 4 June and this is one of the necessary steps for the National Securities Market Commission (CNMV) to…

BCE exterior

European economy 24th July 2024

Peter Kazimir (ECB) says bets on two rate cuts this year are not misplaced

Link Securities | Slovak central bank governor and European Central Bank (ECB) Governing Council member Peter Kazimir said yesterday in an opinion piece reported by Bloomberg that market bets on two more rate cuts this year are not ‘completely misplaced’. However, he pointed out that they should not be taken as ‘a given or a reference scenario’. In that sense, Kazimir said that they (ECB) are on the way back…

merlinproperties cartelCM

Spanish economy 24th July 2024

Merlin Properties raises €921 million in an accelerated placement at discount of less than 5%

Intermoney | Merlin Properties (Buy, PO €12) has proceeded to execute its long-awaited capital increase after yesterday’s market close. In an accelerated placement excluding admission rights, the REIT has sold almost 94 M new shares at a price of €9.8 each, which represents a discount of less than -5% compared to yesterday’s closing price. The new shares represent 20% of the existing shares as of yesterday, or 17% as of…

repsol estacion servicios

Relevant News Item 24th July 2024

Repsol posts net income of €1.626 billion and announces new share buyback

Repsol posted net income of €1.626 billion in the first half of 2024, up 14.5%, a period marked by the presentation and implementation of the 2024-2027 Strategic Update, which prioritizes shareholder remuneration and continuing financial strength, and consolidates the company’s multi-energy commitment. Repsol announced today a new share buyback and redemption, of 20 million shares, in addition to the 40 million shares already redeemed during the year. Since 2022, the…

Naturgy Australia

Spanish economy 24th July 2024

Naturgy earns €1,043 million in June and improves forecasts for 2024

Naturgy has managed to repeat in the first half of this year 2024 the record results obtained last year in a context of a sharp global decline in energy prices. The energy company obtained up to June an Ebitda of €2,846 million and a net profit of €1,043 million, both at the same level as last year. The good results up to June and the outlook for the second half…