The Effective Launch Of The Existing Abertis’ Bids Will Be Delayed 2-3 mths
The effective launch of the bids for Abertis will be delayed 2-3 months if the CNMV revokes authorisation for Atlantia’s offer and it has to seek prior government approval.
Ibex
Mapfre To Leave New York And Four Other US States; To Restructure International Business
Mapfre said last Friday that it will restructure its business in the US “to optimise its profitable growth structure and concentrate the operations there in a smaller number of states.”
Ibex35 Firms’ Top Managers Earn On Average 207 Times Companies’ Minimum Wage
The difference between top managers’ salaries in Ibex-35 companies and the lowest salaries in these same firms is on average 207 times, which shows the salary gap in Spain is increasing.
Ferrovial Share Price Hit By 65% Drop In Construction Arm’s EBITDA
The weakness in Ferrovial’s share price compared with that of its peers is largely down to the erosion in the construction division’s EBITDA margin. This has declined by 65% to 2.6% for Ferrovial Agroman, and it’s not expected to recover until the beginning of 2019.
SiemensGamesa’s New Contract In Denmark Represents 20% Of Its Off-Shore Portfolio
There has been a lot of positive news from SiemensGamesa this week. On the one hand, it has presented two new products: the onshore wind turbine SG 4.2 – 145 and the SG 8.0 – 167 DD for off-shore which will boost annual energy production by 20%.
The Ibex35 Could Offer Returns Of Over 6% At The Start Of 2018, But Watch Out For Catalonia…
Morgan Stanley said this week that the uncertainty over Catalonia which has weighed on Spain’s performance has meant that the MSCI Spain has underperformed the EMU by 8% since August. And Spanish SMEs have underperformed by 13%. That said, there is a reason for betting on the Spanish market: it has had the fourth best EPS growth examples.
Repsol Obtains Improved Credit Rating Ahead Of Time
Standard & Poor’s has announced an upward revision in its long-term credit rating for Repsol from BBB- to BBB. It has also improved its short-term rating from A-3 to A-2, with both ratings assigned a stable outlook. S&P had already improved its outlook for the Spanish oil major from “stable” to “positive” in July, leaving the door open for a ratings upgrade.
Santander UK Does A good Job In The BoE Stress Tests
According to the stress tests carried out by the Bank of England (BoE), the UK banking system could absorb £50 billion of losses with the capital they have in excess of the minimum requirements. Banco Santander’s UK subsidiary did a good job in the tests.
BBVA Finally Gets Rid Of Its Property Business; Sells It To Cerberus
BBVA has confirmed the sale of its portfolio of property assets, held by its subsidiary Anida and valued at 13 billion euros, to Cerberus. Some 78,000 properties are included in the sale agreement.
SiemensGamesa Becomes Second Largest Global Turbine Supplier, With 19.3% Of The Market
Siemens Gamesa has become the second largest turbine supplier in the world after sealing its merger last April, with a 19.3% market share.