Renta 4 | Two 520 MW ConnectGen/Repsol photovoltaic parks have been prequalified for commissioning in conjunction with the New York Power Authority (NYPA), the country’s largest state-owned utility, according to press reports. The first farm will be located in central New York State and will have 250 MW of generating capacity and is expected to be operational by the end of next year. The second will be located in the…
Alphavalue / Divacons | The Spanish construction, services and concessions company and Interogo Holding created a joint venture called Umbrella Roads BV, aimed at managing Ferrovial’s stakes in motorway and parking concessions in Spain, Scotland, Ireland and Canada. These assets operate under availability payment schemes or with limited traffic risk. According to a Ferrovial statement, the group will transfer the economic rights of Umbrella Roads BV, while retaining majority voting…
Link Securities | BBVA (BBVA) will have to sell part or all of its stake in Banco Sabadell (SAB) if the takeover bid succeeds but the National Markets and Competition Commission (CNMC) decides not to authorise the merger and its ruling is known after the end of the acceptance period, according to the updated prospectus for the deal submitted on Tuesday to the US regulator SEC, reports Expansión on Thursday….
Link Securities | Credit rating agency Moody’s has upgraded Merlin Properties’ long-term issuer rating to “Baa1” from “Baa2”, the digital portal Bolsamania.com reported yesterday. In addition, the outlook has been changed from “positive” to “stable”. This upgrade, as they point out, reflects good operating performance driven by continued rental growth, sustainably lower leverage and long-term benefits from an improving business profile that is shifting towards favourable asset classes with a…
Bankinter : In January of this year, its stake was 15%. In the last nine months it has acquired an additional 1% of the capital. IFM consolidates its position as the fourth largest shareholder in Naturgy, after La Caixa, which through Criteria holds 26.7%; CVC which, in its latest communication in June, states that it holds 20.715%; and GIP, with just over 20%. Part of the shares held by CVC…
Link Securities | ACS (ACS), through its subsidiary Dragados, has increased its presence in Transport for London projects, according to Expansión newspaper. Transport for London (TfL) has selected the Spanish group’s proposal for the design and construction of new passenger tunnels at Elephant & Castle Underground station. The project involves the excavation of around 135 metres of pedestrian tunnels linking the new station with the platforms and the existing bridge….
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…
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,…
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…
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…