Link Securities| The Catalan entity informed that it has decided to partially liquidate a hedge on a 1.957% of its 3.510% stake in Telefónica by delivering a 1% stake. The stake in Telefónica will therefore be reduced to 2.510%. Caixabank estimates that this transaction will have no material impact on the income statement or the CET1 ratio. CaixaBank’s stake in Telefónica thus falls to the lowest level since it notified…
Renta 4| According to National Securities Market Commission (CNMV) records, the state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI) now controls 3.044% of Telefónica’s capital. It should be remembered that the Council of Ministers last December approved the purchase of 10% of the operator’s capital by SEPI. Caixabank also announced that it has divested 1%, dropping to 2.51%, while Criteria is increasing its stake. The aim is to…
Alicia García Herrero (Natixis) | This year, China’s “Two Sessions” have been particularly important to understand where the Chinese economy is heading as it marked the beginning of a new era, that of Premier Li Qiang. Li Qiang’s first “Work Report” signifies a departure from the previous decade under Premier Li Keqiang’s leadership as Premier, where much more emphasis is put on supply than on demand forces. The focus on…
Link Securities| The Airbus Defence and Space division of European aeronautics manufacturer Airbus (AIR) has reached an agreement to acquire Infodas, a German company that provides cybersecurity and IT solutions in the public sector, including defence and critical infrastructure, Europa Press reported. “With exponential cyber threats, along with the increasing digitalisation and connectivity of its products and systems, cybersecurity is a fundamental component of Airbus’ development,” the manufacturer said in…
Banca March: tomorrow, March 27th, the ECB and European banks will face the last large maturity of the TLTROs (“Targeted Longer-Term Refinancing Operations”) for an amount of approximately €216 billion. According to our estimates, this maturity will represent a reduction in the balance sheet of around -1.6 p.p. in terms of GDP, and will leave an outstanding balance of €177 billion (8% of the programme’s initial amount). It is important…
The European Commission has asked Spain to make an additional effort to develop a credible fiscal strategy to ensure a significant reduction in its high levels of public debt and structural deficit, as it considers that policy action in this regard has been “limited” in recent years. “A further consolidation effort is needed for Spain to achieve a sound budgetary position,” says the report published on Monday, which assesses the…
Renta 4: According to press reports, the private-equity fund Trilantic could be negotiating with Stadler the launch of a counter takeover bid on Talgo after the possible rejection of the takeover bid of Magyar Vagon by the government. Assessment: The news could be considered to be positive because it may open a door to the success of a takeover bid for Talgo, but it may be difficult for it to…
Intermoney: The INE published on Friday the hotel business activity data for the month of February. Highlights: Overnight stays: Hotel overnight stays in February exceeded 18.5mn, exceeding those of 2023 by +10% and those of 2019 by +12%.Occupancy: Average occupancy stood at 53.1% (+3% year-on-year).Average revenue per occupied room (ARR): €106.7/room (+7% year-on-year and +28% against 2019)Average revenue per available room (RevPAR): €50/room (+14% year-on-year and +36% against 2019). Overnight…
More than five million shareholders of Spanish listed banks will receive more than €7,000 million in dividends in the coming weeks, according to Expansión newspaper. CaixaBank leads the ranking in terms of amount, with more than €2,890 million that will be distributed among its investors. It is followed by BBVA, with more than €2,200 million and Santander, which climbs to third place on the podium, with €1,500 million. Medium-sized institutions…
Banca March : The National Securities Market Commission (CNMV) announced that the review of Grifols’ accounts has detected some incorrect information – although it will not be necessary to restate the accounts – and is still pending the accounting analysis of the collaboration agreement with ImmunoTek, which could affect the profit and loss account. The regulator considers that the level of indebtedness is correctly reflected in the accounts and that…