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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.
Aedas

In Spain 12th December 2024

Castlelake fund to launch final bid in January to sell Aedas Homes

Link Securities | The private equity fund Castlelake will launch in January the final bid to sell Aedas Homes (AEDAS), Spain’s leading housing developer by revenue, according to Voxpopuli.com. The fund, which controls 79.02% of the capital, has already made several soundings in recent years to dispose of its stake and complete its investment cycle . The financial advisors to the deal, Goldman Sachs and Deutsche Bank, have already told…

Corticeira Amorim

In Europe 12th December 2024

Corticeira Amorim sells business in Sweden and Denmark to Salix group for €23.7m

Renta 4: The company has announced the sale of its cork flooring business in Sweden and Denmark to the Salix group for a total of €23.7 million. This divestment is part of its strategy to reorganise and optimise the flooring, composites and insulation businesses under a single unit called Amorim Cork Solutions, announced in the first half of the year. Timberman Denmark A/S and Amorim Cork Sweden AB will continue…

Spain home sales fell 3.3% in 2019 vs yr-earlier; housing prices rose 7.2%

In Spain 12th December 2024

Cinven buys Idealista real estate portal for €2.925 billion

Cinven signed the purchase of the real estate portal Idealista for €2.925 billion on Tuesday. This is the largest acquisition of an online company in Spain. The price represents a 2.25 times increase over the valuation of Idealista that the Swedish fund EQT paid four years ago, which was €1.3 billion.With this acquisition, Cinven takes 70% of Idealista, while Apax and Oakley – which held 17% and 12% of the…

bbva sabadell fusion 2

Spanish economy 12th December 2024

BBVA says competition authorities only identify three issues needing further work in second phase of Sabadell takeover bid

Alphavalue/ Divacons | Peio Belausteguigoitia, BBVA’s country manager in Spain, said that having bigger and stronger banks is beneficial for customers, shareholders and employees. During his speech at the 2nd Prensa Ibérica Financial Forum, he stressed that the transaction with Banco de Sabadell has great potential for value creation and will allow the integration of an entity with greater capacity to offer better products and services to customers. Regarding the…

indra edificio

In Europe 12th December 2024

Indra, one of two finalists in tender for Transport for London’s payment system, valued at around €1.8 billion

Link Securities | The Spanish technology group is bidding for London’s public transport payment system, valued at £1.5 billion (around €1.8 billion), an amount that does not include VAT of 20%, Expansión newspaper reports today. Indra is one of the two finalists in the bidding process carried out by the public body Transport for London (TfL) for the so-called Proteus Contract. Its rival is Cubic Transportation Systems, the US firm…

china exportaciones

In the World 12th December 2024

Despite more moderate exports, China’s trade surplus rises in November to $97.44 billion against $95.27 billion in October

Singular Bank : In November, China’s foreign sales moderated their pace of growth to 6.7% year-on-year (versus 12.7% in October). November usually follows a favourable pattern driven by the Christmas season, but overseas shipments barely increased by more than 1 p.p. in the month, a slower pace than usual at this time of year. At the same time, the lack of dynamism in domestic demand had an impact on imports,…

Ibex 35 index

In Spain 12th December 2024

CAT to keep composition of Ibex 35 unchanged as aspirants’ trading volumes lower than those of current constituents

Bankinter | Next Thursday 12 December the Technical Advisory Committee (CAT) will hold a meeting to review the composition of the Ibex 35. On this occasion we do not expect any changes. What do we think will happen at the CAT meeting? The CAT will keep the composition of the Ibex 35 unchanged. The traded volumes of the aspirants are lower than those of the current constituents and therefore do…

inditex all

In Spain 11th December 2024

Inditex: Small Q3 Misses Likely To Drive Pullback

Jefferies | ITX’s Q3 update sees small misses at top-line, fx, gross margin and opex level result in a total EBIT shortfall of around 7%. Current trading is fractionally light but not inconsistent with a likely dd Q4 topline delivery. Net/net the group’s impressive growth credentials look confirmed, but the shares likely needed a better print to prevent some profit-taking today. Call at 8AM UK time.Detail Q3 EBIT 7% below…

CAF

In the World 11th December 2024

CAF wins two new contracts in Latin America -Colombia and Chile- worth more than €200 million

Intermoney | The company (Buy, PO €42) strengthens its presence in Latin America with two new contracts in Colombia and Chile, which together amount to more than €200m. In the case of Colombia, it is a contract with the Medellín metro operator for the design and manufacture of 13 trains for its metropolitan network, as well as their final assembly and testing in the metro network; between 2008 and 2018…

IreneHernandez copia

Interviews 11th December 2024

“Fifteen years ago, the European economy was larger than that of the U.S. Today, the U.S. economy is one and a half times that of Europe”

Irene Hernández, coordinating advisor of Ence, and advisor of Elecnor and Saint Croix explains that “In Spain and in the European Union, there are times when we are regulating too much and putting brakes on economic growth… fifteen years ago, the European economy was larger than that of the U.S. Today, the U.S. economy is one and a half times that of Europe. We are not in a position to…