The Cabinet is preparing to extend the anti-takeover shield that it put in place in 2020, at the height of the pandemic, to protect companies in key sectors from foreign bids, according to government sources. The measure, which gives the government the power to veto the entry of foreign capital into these sectors, was due to expire on 31 December this year and is being extended until 31 December 2024….
Bankinter | ACS has won a contract to build a factory for electric car batteries for Ascende Elements, with a budget close to $1 billion. This contract is the second one that ACS’ US subsidiary Turner has won this year in the electric batteries market. Bankinter analyst team’s view: This is positive news for ACS which continues to show how strong its business is and the growth capacity of its…
Hans-Jörg Naumer (Allianz GI) | “Will there be a year-end rally?”. Once again it’s time to ask the usual question of whether the stock markets will rise over the next few weeks or not. It’s understandable. Although the markets are extremely efficient according to the economic theory, there are, however, some seasonal patterns like the famous year-end rise. If we revise the data since 1965, in general terms, the months…
Alicia García Herrero (Natixis) | Uncertainty about China’s growth prospects next year is unprecedently high. Most importantly such uncertainty hinges more than ever on a single issue: the speed – and smoothness – of China’s opening-up from zero-Covid policies after three years of intermittent lockdowns. The speed of opening-up is key because mobility is closely correlated with China’s consumption and economic activity, more generally. In fact, we have estimated that, in…
The Government is preparing a plan B so that the two magistrates it has appointed to the Constitutional Court (TC) can take office even if the General Council of the Judiciary (CGPJ) does not appoint its own. The measure would be implemented via amendments to the text of the reform of the Penal Code, according to PSOE sources. A third of the TC magistrates have had their mandate expired since…
For the first time in history, the Labour Inspectorate has called three days of strike action to protest against the “serious shortcomings” of a body that has still not been strengthened despite the commitments made by the government. A year and a half ago, the Ministries of Labour – on which it depends – and Finance and Public Function – responsible for the management of public employees – signed an…
Alphavalue/ Divacons | The Catalan lender has received binding offers from France’s Worldline and Italy’s NEXI for its payment business which it put up for sale in September. The offers are between 300 and 350 million euros, with that from Worldline (part of our model portfolio) seeming to be the highest. Sabadell is said to be looking for 400 million euros.
Renta 4 | Repsol has 2.000 Mw of renewable projects under construction, of which approximately 59% are located in Spain, 35% in the US and 6% in Chile. The company wants to hike its renewable energy generation to 7.500 Mw to 2025. The Spanish oil and gas firm is developing a new photovoltaic energy plant in Villena, with an installed capacity of 300 Mw. Whatsmore, the company is continuing to…
Bankinter |Iberdrola’s Strategic Plan contemplates investments of 47 billion euros in 2023-2025, while maintaining generous shareholder retribution in this period (11 billion euros in dividends for shareholders and minorities). This will mean that the group’s Net Debt will go from 45 billion euros at end-2022 to 57.5 billion in 2025. The restructuring of the debt envisages a reduction of the listed debt from 55% currently to 52% in 2025. The…
The government has mobilised 416 million euros up to November under the Digital Kit programme, which represents 13.5% of the 3.067 billion euros budgeted for the initiative, financed by the European Union through the Next Generation EU funds. According to a reply registered in the Congress of Deputies, to which Europa Press has had access, the implementation of digitalisation solutions in the companies benefiting from the aid will be channelled…