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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.

Relevant News Item 3rd April 2025

BBVA improves offer again: Sabadell offices and ATMs to be maintained for 36 months

Link Securities | Expansión highlights today that BBVA (BBVA) has improved the commitments for the merger with Banco Sabadell (SAB) that the Competition Authority (CNMC) recommended last week. Thus, BBVA has increased the period of maintenance of SAB’s branches and ATM access from 18 months to 36 months in sparsely populated areas with low incomes or little competition. The bank has also committed to maintaining the volume of credit to…

In Europe 3rd April 2025

Airbus delivers 64 aircraft in March, 129 in Q1, below guidance but better than expected

Morgan Stanley | According to the latest data from Cirium (an aviation data provider), Airbus delivered 64 aircraft in March (up 60% month-on-month and 2% year-on-year), accumulating a total of 129 in Q1 2025, which is below full-year guidance but better than expected, both by Ross Law (analyst) and the consensus (127). In fact, Law believes that the number of deliveries may be higher if we take into account the…

Relevant News Item 3rd April 2025

Grifols to make €350-million takeover bid for Biotest capital it does not yet control, with aim of delisting it

Bankinter | The company’s Board of Directors has unanimously approved that its subsidiary Grifols Biotest Holdings make a public takeover bid to delist Biotest AG from the stock exchange. The bid will be for the 2.9% of the ordinary shares it does not control and 53.8% of the preference shares. It will offer €43.00 for each ordinary share and €30.00 for each preference share. In addition, it will request the…

Spanish economy 3rd April 2025

New US tariffs directly affect 5% of Spanish exports, amounting to €18 billion

Goods sold by the 27 EU member states to the U.S. will be subject to a 20% tariff, as announced by Donald Trump. For Spanish exports—just over €18 billion last year—it will have an impact of at least €3.2 billion, or 0.2% of GDP, and will particularly hit capital goods, metallurgy, and agricultural sectors—such as olive oil, fruits and vegetables, or wine—which account for more than €14 billion in exports….

World economy 2nd April 2025

EU prioritises diplomacy with US, but ready to retaliate with ‘firm’ plan

BancaMarch | Ursula Von der Leyen affirmed that the community as a whole has the power to fight back, with all possible tools on the table. The President of the Commission assured that the bloc is prepared to restrict imports of services of US origin if Trump today makes good on his threat to impose reciprocal tariffs. The EU has the capacity to control trade in services, due to its…

Relevant News Item 2nd April 2025

CNMV admits Naturgy’s application to formulate self-tender offer for processing

Link Securities | The National Securities Market Commission (CNMV) agreed on 1 April 2025 to admit for processing, in accordance with the provisions of the Law, the authorisation request submitted by Naturgy (NTGY) on 26 March 2025 for the formulation of a voluntary takeover bid (OPA) for its own shares, on the understanding that the prospectus and the other documents submitted comply with the provisions of said article. The admission…

European economy 2nd April 2025

Inflation in Europe: preliminary data in Germany eases one-tenth in March to 2.2% year-on-year, Portugal from 2.4% to 1.9%

Bankinter | Inflation (preliminary data) in Germany eases one-tenth in March to 2.2% (versus expected 2.2% versus previous 2.3%). Today the EMU CPI was published, standing at +2.2% versus the previous +2.3%. For now, inflation is improving in Germany, Spain (+2.3% versus +3.0% previously) and Portugal (+1.9% versus 2.4% previously), remains stable in France (+0.8%) and is picking up in Italy (+2.0% versus +1.6% previously). Indeed, in Portugal, the preliminary…

European economy 1st April 2025

Telefónica to look into any consolidation options for business arising in Spain, Germany and UK

Link Securities | The company has set itself the goal of strengthening its position as a strategic company at the European level, for which it will analyse any consolidation options for its business that arise in Spain, Germany and the United Kingdom, as revealed yesterday by the operator’s new CEO, Emilio Gayo, reports Bolsamania.com. ‘In Spain, Germany or the UK, Telefónica, which wants to play a strategic role at the…

In Europe 1st April 2025

Iberdrola to co-invest €5 billion with Masdar in UK’s East Anglia 3 offshore wind farm

Banco Sabadell | According to press reports, Iberdrola is finalising the sale to Masdar (Abu Dhabi) of a 49% stake in the East Anglia 3 offshore wind farm (United Kingdom) for around €2 billion (2% capitalisation, 4% NFD), which will strengthen their alliance to co-invest around €5 000 million in this facility. Assessment: News with little impact. Although yet to be confirmed, it would be part of Iberdrola’s growth strategy…

World economy 1st April 2025

Chinese Composite PMI remains in economic expansion zone after rising to 51.4 points in March

Bankinter | The Composite PMI remains in the economic expansion zone after rising to 51.4 points in March (versus 51.1 previously). The Manufacturing PMI rises to 50.5 points (versus 50.4 expected against 50.2 previously) with the Services PMI at 50.8 (versus 50.6 expected against 50.4 previously). Bankinter analysis team”s view: This is good news, but with limited impact. The figures do not yet reflect the impact of the new tariffs…

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