Bankinter | The European Commission (EC) announces a proposal to revise steel import quotas in Europe. It reduces current quotas by 50% and raises the tariff to 50% (from 25%) above a certain quota (18.3Mtn). The aim is to protect the European steel industry in a context of global overcapacity. The EU seeks to prevent cheap steel from countries such as China and India from being diverted to Europe following…
Banc Sabadell | Sacyr (SCYR) has reportedly submitted the only bid for the Ruta Pie de Monte, a new 20 km motorway in the Biobío region (Chile) with an estimated investment of $355 million (around €304 million), according to press reports. Construction is expected to begin in 2030 and the motorway is expected to be operational in 2033. The concession term would be up to 45 years. Assessment: Pending confirmation…
Alphavalue / Divacons | Bloomberg reports that Repsol is strengthening ties with the US to reactivate frozen operations in Venezuela. In other news, Technip Energies is joining Repsol’s waste-to-methanol project in Spain. The French engineering group announced that it has secured two service contracts with Repsol for the development of Ecoplanta, a waste-to-methanol plant planned for El Morell, Spain.
Link Securities | The bank is not considering anything other than growing on its own. This was confirmed by Isidro Rubiales, the bank’s CEO, during his speech at the 16th Financial Meeting organised by Expansión-KPMG, in collaboration with American Express and Cunef University, according to Expansión newspaper. The bank’s chief executive has ruled out potential corporate transactions with other entities because, he said, Unicaja still has considerable capacity to continue…
Intermoney | OHLA (OHLA) (Buy, Target Price €0.7/share) announced on Monday, after the market closed, that the rating agency Fitch has reinstated its coverage of the stock, assigning it a rating of B-. According to Europa Press, the agency highlights an improvement in the financial structure of the company, which has achieved a reduction in its debt, as well as an extension of the maturities of the remaining debt, a…
Link Securities | Airtificial Group (AI) has signed a €3 million contract with a new customer, a major global Tier 1 in the automotive sector, for the design, manufacture and commissioning of two production lines for the assembly, verification and automatic testing of interior door modules, whose end customer is a well-known sports car brand. The Intelligent Robots division will be responsible for carrying out this project, which will have…
Bankinter | Naturgy announces the sale of shares from its treasury stock representing 3.5% of its capital. Naturgy currently holds 4.4% of its share capital in treasury stock. The transaction was carried out through an accelerated placement of 34.1 million shares on the market. The placement price was €25.90 per share, a discount of 3.9% compared to yesterday’s closing price. At these prices, the placement transaction amounts to €883 million….
Alphavalue/DIVACONS | On Friday, the president of the financial institution, Carlos Torres, denied that an agreement had been reached with Banco Sabadell shareholder and director (add Target Price €3.97/share) David Martínez to participate in the takeover bid for the Catalan institution. Martínez has written an article in El País and Cinco Días in which he states that the consolidation of Sabadell and BBVA will result in an institution that is…
Link Securities | The company has signed an agreement to acquire the digital transformation business of the ICA Group through the acquisition of 100% of the share capital of the Spanish companies ICA Transformación Digital S.L.U. and Icalia Solutions S.L.U., specialising in software development, web applications and portals, and mobile applications, as well as digital transformation consulting, process digitisation, systems and application integration, and data intelligence, with a presence in…
Bankinter | Telefónica (TEF) is preparing a redundancy plan based mainly on voluntary departures, which it will negotiate with the unions before the end of the year, according to media reports. The plan would affect more than 6,000 employees across all the group’s subsidiaries. Bankinter analysis team’s view: Telefónica will present its new Strategic Plan on 4 November. One of the points of the Plan is to simplify the group’s…