Relevant News Item

Relevant News Item 1st October 2024

Brookfield fund asks Grifols for more time to analyse takeover bid and complicates bidding process

Bankinter: The fund has sent a letter to the Board asking for an extension to be able to continue analysing this possible offer. Opinion of the analysis team: Negative news. On 8 July we learned that Brookfield was analysing a takeover bid for Grifols. Almost three months have passed since then and, possibly, a deadline agreed between both parties will expire, which justifies the fund’s request for an extension. The…

Tubos Reunidos' share price declines by 40%

Relevant News Item 1st October 2024

Tubos Reunidos sales fall sharply by 63.6% to €172.7m due partly to 15% drop in number of active rigs

Renta 4: Negative / Neutral. Tubos Reunidos published its 1H24 results, which showed a weak but expected performance, justified by: 1) a decrease in the number of active rigs (drilling platforms) of approximately 15% versus the previous year, 2) lower demand due to excess inventories and uncertainty before the US elections, 3) downward pressure on prices due to high inventories, 4) higher Asian imports due to weak demand in China,…

Relevant News Item 30th September 2024

Iberdrola, among main beneficiaries of increasingly attractive risk/reward opportunity in regulated electricity grids

Morgan Stanley’s Rob Pulleyn reviews global energy demand figures and his growth estimates. Demand has tripled since 1980 and Rob believes that by 2030 we will continue to see strong growth, 26% faster (especially ex China). Rob believes that this boost to demand will mean an increase in energy prices of 20-25% vs 2019 and therefore an improvement in returns for power generation companies that would drive them to record…

Relevant News Item 19th September 2024

ArcelorMittal rules out Gijón explosion affecting production

Link Securities | The steel multinational ArcelorMittal (MTS) has ruled out that the explosion recorded on Tuesday in the batteries of its factory in Gijón, in which three workers were injured and are hospitalised with a guarded prognosis, will affect its production, according to the newspaper Expansión. It could, however, happen that some rolling mills such as plate, rail or wire rod, which are fuelled by coke gas, may have…

Relevant News Item 18th September 2024

Iberdrola enters data centre business with launch of subsidiary to mobilise €10bn, develop 5 GW and become European hub

Bankinter | Iberdrola is finalising an agreement with a large investment fund or group of funds to launch a subsidiary specialising in the data centre business. It intends to turn this subsidiary, which it has initially christened CPD4Green, into the largest European hub to house data centres and processing for Artificial Intelligence (AI). Its intention is to close the operation of incorporating a partner before mid-2025. Iberdrola’s objective, unlike other…

Relevant News Item 18th September 2024

BBVA’s takeover bid for Banco Sabadell “has derailed” and “makes no sense”, says Catalan bank’s CEO

Alphavalue / Divacons | The CEO of the Catalan bank, César González-Bueno, said yesterday that BBVA’s takeover bid for the bank “has derailed” and “makes no sense”. At the VII Foro de Banca (Banking Forum) organised by El Economista, he declared that the chances of the merger are “very low” and that he sees no justification for the operation. However, he acknowledged that it is possible that the National Markets…

Relevant News Item 16th September 2024

Qatar’s sovereign wealth fund sounds out government to increase current 8.7% stake in Iberdrola, equivalent to €7.4 billion

Bankinter | According to press sources, Qatar’s state investment fund (Qatar Investment Authority) wants to increase its stake in Iberdrola. Qatar’s representatives have reportedly been sounding out the Spanish government to gauge its predisposition to such a corporate move. Qatar entered Iberdrola in March 2011 with just over 6% in a €2 billion transaction and through a capital increase. It later increased its stake to the current 8.7%. The value…

Relevant News Item 13th September 2024

Spain: Inflation Moderates to 2.3%

According to the final data released yesterday by the National Institute of Statistics (INE), the Consumer Price Index (CPI) remained stable in August compared to July (0.0%). Year-on-year, Spain’s CPI in August was 2.3% (2.8% in July), slightly more than the initially estimated 2.2%, which was expected by the consensus of analysts. The year-on-year groups that stood out most for their influence on the decline in the year-on-year growth rate…

Relevant News Item 2nd September 2024

Repsol cancels €1 billion sale of Norwegian subsidiary announced six months ago

Link Securities | The Spanish oil company has cancelled the sale of its Norwegian business, so the firm discards an operation that was valued at approximately $1,000 million after six months looking for a buyer, according to Reuters. The sources consulted by the British agency assure that the firm is now focused on selling other assets, while it plans to merge its operations in the North Sea with NEO Energy….

European economy, In Europe, Relevant News Item 22nd August 2024

Eurozone inflation rebounds in July to 2.6%, core remains at 2.9% for third month in a row

CdM | The inflation rate in the euro area stood at 2.6% year-on-year in July, one tenth of a percentage point higher than the rise in prices observed in June. Moreover, as confirmed by the EU statistics office, Eurostat, in the EU as a whole the rate has risen to 2.8%, two tenths of a percentage point more than in June. The acceleration in price increases in the euro area…

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