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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.
Ferrovial

Companies 14th November 2025

Ferrovial issues €400 million in non-dilutive convertible bonds with cash settlement at 5.5 years and 0.75% annual interest rate

Link Securities | The company announced yesterday the successful placement of non-dilutive convertible bonds with cash settlement for an amount of €400 million, maturing in 5.5 years, until 20 May 2031. The Bonds will bear a fixed annual interest rate of 0.75%, payable semi-annually in arrears on 20 May and 20 November of each year, commencing on 20 May 2026. The Bonds will be issued at par on or around…

europa industrial

European economy, In Europe 14th November 2025

Eurozone Industrial production grows 1.2% year-on-year in September due to dependence on external sector

Bankinter | Industrial production in Eurozone countries grew less than expected in September: 1.2% year-on-year versus 2.1% expected and 1.2% previously (revised from 1.1%). In month-on-month terms, 0.2% versus 0.7% versus a drop of 1.1% (revised from 1.2%). By country, Germany continues to slow down its growth (down 0.8%). Analysis team’s view: Industrial production, which is highly dependent on the foreign sector, continues to be affected by US tariffs and…

oil

In the World, World economy 14th November 2025

OPEC shifts from estimating deficit to surplus of oil for 2026, while IEA forecasts rising demand over next 25 years

Bankinter | OPEC estimates that there will be an oil surplus of 20,000 bpd in 2026, which contrasts with the deficit forecast in previous reports: 70,000 bpd in September and 50,000 bpd in October. Yesterday, Brent fell by almost 4% for this reason. This contrasts with what the International Energy Agency (IEA) published the day before: global demand for oil and gas will increase over the next 25 years, as…

Repsolito 1

Companies, Relevant News Item 14th November 2025

Repsol reportedly negotiating merger with Apache to list upstream business in US

Renta 4 | According to press reports, Repsol is negotiating a merger with Apache Corporation, a US oil company listed on the Nasdaq with a market capitalisation of $8.76 billion. According to the information, these negotiations would be part of the ‘liquidity event’ agreed with EIG after its entry into Repsol’s capital by 2026. We recall that this event could consist of an initial public offering, a reverse merger with…

ACS nuevo

Companies 14th November 2025

ACS’s ordinary net profit in 9M25 accelerates growth by 19.6% to €585 million

Renta 4 | Sales figures, which exceeded our forecast, show significant growth in all areas, led by Turner and Infrastructure. EBITDA, also better than our expectations, shows higher growth than sales, thereby significantly improving margins. This improvement is reflected in ordinary net profit which, excluding the currency effect, accelerates growth to 23.8%. This strong improvement has led the company to raise its guidance for the end of the year, expecting…

MerlinProperties1

Companies 14th November 2025

Merlin Properties’ revenue rises 8% to €413 million in September due to higher growth in offices and data centres

Intermoney | The REIT (Buy, PO €15) has just announced its results for September. The main figures from the results, together with our estimates, are shown in the attached table. Revenue/income for 9M25 rose 8% to €413 million, broadly in line with Intermoney’s estimate (€414 million), while EBITDA (€300 million, up 8%) was slightly below our figures (10%), following higher-than-expected overheads, particularly in personnel and the LP incentive plan. By…

inflation board

In Spain 14th November 2025

Inflation Continues to Rise: 3.1% in October

The CPI (Consumer Price Index) continues its upward trend, closing October one tenth of a percentage point higher than at the end of September, with an increase of 3.1%. The INE (National Institute of Statistics) explained that the rise in the CPI in October is due to electricity prices increasing more than in the same month of 2024. In addition to electricity, the prices that are pushing inflation up the…

Talgo new

Companies, Relevant News Item 13th November 2025

Talgo to hold EGM on 12 December to finalise Basque consortium’s entry and propose capital increase of €3.18 million

Link Securities | The company has called an extraordinary general meeting of shareholders for 12 December 2025, on first call, or 13 December, on second call, with the aim of approving the agreements that will allow the completion of the entry into its capital of the consortium led by José Antonio Jainaga, president of Sidenor, and also participated in by the Basque Government and the BBK and Vital banking foundations….

utilities

In Spain 13th November 2025

Spain: Electricity Rises 24% in October Compared to September

Spanish electricity demand fell by 0.5% in October, while generation grew by 2.1%, driven by increased exports to Portugal. The daily price in the wholesale market (POOL) averaged €75.73/MWh in October. This marks an increase of 24.07% over the previous month (€61.04/MWh) and 10.5% compared to the price a year ago (€68.54/MWh). Electricity prices interrupted their downward trend in October, mainly due to scheduled outages for refueling at several nuclear…

Telefonica Murtra 1

Companies 13th November 2025

Despite no official confirmation, Telefónica unions suggest company has redundancy plan

Alphavalue / Divacons | Telefónica unions expect management to propose a redundancy plan for the company. However, at the moment, this measure has not been officially announced; the only thing that has been confirmed is that next Monday the operator’s new strategic plan will be presented to them. Union sources informed EFE that the company’s management sent a very brief invitation to a meeting on Monday morning. The aim is…