Luis Alcaide | “The Eurozone Manufacturing PMI data prepared by S&P Global and Hamburg Commercial Bank retreated to 49.6 points in November, falling below the 50 points of the previous month (above 50 points indicates expansion, and below indicates contraction). By country, Germany marks 48.2 and France 47.8, while Spain records 51.5 and Italy 50.6.” The influx of new orders in the manufacturing sector is increasing in the two Southern…
Renta 4 | According to information from the National Securities Market Commission (CNMV), the Board of Directors of AEDAS Homes has published its mandatory report on the takeover bid launched by Neinor Homes, with an unfavourable opinion on the same. Similarly, the report includes the opinion issued by Goldman Sachs Bank Europe (financial advisor to AEDAS Homes) on the adequacy of the takeover bid price from a financial point of…
Link Securities | Hochtief, a subsidiary of ACS, has taken a significant step forward in the US after signing a labour agreement (Project Labor Agreement) to develop the Battery Park City Resiliency Project, an infrastructure plan valued at $1.7 billion in New York, according to a report yesterday by the digital portal Bolsamania.com. The project, in which Hochtief is participating through SPC Construction, part of its Flatiron-Dragados division, together with…
Jefferies | Impressive Q3 results… with group sales/EBIT of €9.81bn/€2.37bn (cons €9.71bn/€2.25bn) for Aug-Sep, this for ex fx growth of +8.4% (versus cons of +7.8% and buyside apparently somewhere between 7% and 8%) which follows the 9% of current trading disclosed for 1-Aug to 8-Sep. Gross margin landed at +79bps year-on-year to 62.2%, versus cons/JEFe of +8bps/+55bps. EBIT margin progress was good (in light of fx sales dilution of -3.5%…
Norbolsa | The European Banking Consortium Stablecoin, formed by CaixaBank and nine other European banks, has presented Qivalis, the company that will launch what they say is the first euro-pegged stablecoin, which they expect to be technically and technologically ready by the beginning of the second half of 2026. This was explained on Tuesday at a press conference in Amsterdam (Netherlands) by the president of the new company, Howard Davies;…
Link Securities | At Friday’s Extraordinary Shareholders’ Meeting, Indra (IDR) shareholders approved the acquisition of 89.68% of Hispasat for €725 million from Redeia (RED) (and the rest of the items on the agenda), which, for its part, purchased that percentage of Hispasat in 2019 for €933 million, valuing 100% of the company at that time at more than €1 billion, according to Expansión newspaper. The transaction, which was announced in…
Bankinter | The main conditions of the transaction are: A valuation of €5,351 million, which implies a price of €8.80 per share (a premium of 32% versus the closing price on Nov 27). The transaction will be settled 50% in cash and 50% in shares. The company has not announced the number of new shares it will issue. However, taking into account the average valuation over the last 10 days,…
Bankinter | The National Securities Market Commission (CNMV) has approved Neinor’s voluntary takeover bid for Aedas at a price of €21.335 per share, although this is conditional on the price having been agreed in advance with Aedas’ main shareholder (Castlelake, 79% of the capital). If 50% of the minority shareholders do not accept the offer, a mandatory takeover bid will have to be launched. Neinor has already announced that this…
Deutsche Bank | In recent years, steel stocks have been affected by weak demand, import pressure and political headwinds, and although fiscal spending and interest rates could provide support, we remain cautious on demand. However, the European Commission’s (EC) plans to significantly strengthen trade protection point to a significant shift towards a more steel-friendly industrial policy. If these measures are implemented, even partially, steelmakers are likely to return to an…
CdM | Naturgy (NTGY) announced on Tuesday that it has promoted, through its innovation platform Innovahub, a pioneering project in Spain for the development of floating photovoltaic technology in the open sea. It has done so in collaboration with Spanish start-up BlueNewables, with the aim of ‘exploring new renewable solutions that enable progress in the decarbonisation of the energy system’. As Naturgy explained in a statement, the project involves the…