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Telefonica novisima

Telefónica joins long list of state-controlled companies: at 10% it is low down in the range

Morgan Stanley| On Tuesday, the Spanish government decided to order state-owned SEPI to buy up to 10% of Telefónica (TEF), ending a 26-year period of no government control of Telefónica since its privatisation in 1997. However, Nawar Cristin points out that, after this purchase, Telefónica joins a long list of state-controlled companies and that 10% is at the lower end of the range. Moreover, the announcement has not come as…


ERTES extension

Government dynamites social dialogue by giving priority to regional collective agreements

The Government has inserted the priority of regional agreements that it promised the PNV (Basque Nationalist Party) into the unemployment benefit decree. The CEOE employers’ association is the main party affected by the Executive’s concessions to the PNV. The social partners are protesting against the approval of the change in the Workers’ Statute, which bows to nationalist demands that give primacy to regional agreements when they are more beneficial to…


Deoleo

Deoleo aims to double growth in India to 8m litres in 2026 from 4m sold in 2022

Link Securities| The company wants to double its size in India, where it is growing by more than 10% a year, over the next three years, Expansión reports today. It wants to sell eight million litres in 2026, compared to four million in 2022. Deoleo is increasing its diversification with the Figaro Baby line, and will launch a shampoo to take advantage of the cosmetic use of olive oil in…


cop28logo

Outrage at COP28 over OPEC’s attempted blocking of fossil fuel deal

BancaMarch: There is outrage at COP28 over OPEC’s attempt to block the fossil fuels deal. The 200 countries attending the summit are discussing phasing out fossil fuels as a major cause of climate change. The OPEC Secretary General urged in his letter to OPEC members to reject any proposed COP28 agreement affecting fossil fuels. One of the summit delegates has described this move as a “sign of panic”. Saudi Arabia…


Tezanos

Tezanos at the CIS, or it never rains but it pours

Fernando González Urbaneja | Among the government’s first appointments (ratifications) was that of José Félix Tezanos (77) as president of the Centro de Investigaciones Sociológicas (CIS). Of course it is legal; it is the government’s right to choose whomever it pleases for a post in the state organisation chart, as long as it does not incur legal grounds of ineligibility. But what smells of scorched earth are the explanations of…


aena new

Airlines call on government to reject Aena’s proposal to raise airport charges by 4.09%.

Alphavalue / Divacons| ALA, the Asociación de Líneas Aéreas (Association of Airlines) has asked the new government to moderate Aena’s proposal to raise airport charges by 4.09% from 1 March 2024. This increase requires the approval of an exception to the regulatory framework by the Council of Ministers. Specifically, ALA explains that a report from the Government’s Delegate Commission for Economic Affairs would be necessary to assess the need for…


fcc edificio

Provisional figures for FCC’s takeover bid for 7% of treasury shares show a take-up of 2.36% of the share capital

Banco Sabadell| FCC has announced that it has received provisional declarations of acceptance representing 2.36% of the capital for its takeover bid for 7.01% of its own shares (€12.50/share). It should be remembered that the acceptance period ends on 30 November ’23. Valuation of the analysis team: News with little impact. The increase in the number of declarations of acceptance registered yesterday (from 0.74% to 2.36%) could be due to…


ley hipotecaria

Number of mortgages granted in Spain falls by -29.6% year-on-year in September, and -17.2% in year to date

Ibercaja| The number of mortgages on homes granted in Spain fell by -29.6% year-on-year in September, the average amount remained stable (0.0% at €143,186) and the total amount granted fell by -29.7%. So far this year, with data accumulated from January to September, the fall in the number of mortgages granted is -17.2%, in the average amount -2.1% and in the total amount granted -18.6%. The number of mortgages granted…


Ferrovial

Ferrovial sells its 25% stake in Heathrow Airport for £2.368 billion

Ferrovial (FER) has announced in a Significant Event to the CNMV (National Securities Market Commission) that it has reached an agreement to sell its entire stake (approximately 25%) in FGP Topco, parent company of Heathrow Airport Holdings Ltd. for £2,368 million (approximately EUR 2,735 million). The current sterling value of FER’s stake in Heathrow Airport Holdings Ltd, according to FER’s consolidated accounts, is €0. The deal has been reached by…


banco espana2

Bank of Spain warns of wage rises above collective bargaining due to difficulty in filling new vacancies

Banca March: It is becoming increasingly difficult for companies to fill jobs that require a high level of training or specific knowledge. Thus, salaries for new vacancies are growing at a year-on-year rate of 6% compared to the 3.4% wage increase agreed by collective bargaining agreement. The Governor of the Bank of Spain explains the reasons for the tightening of the market – the mismatch between job vacancies and job…