Abengoa is trying to finalise the details which will allow it to go ahead with the sale of Atlantica Yield (Nasdaq:ABY) which manages electricity assets and has an approximate market value of $2.16 billion (around 1.93 billion euros). Abengoa has two options for closing the sale: Firstly, the direct handover of its 41% stake in ABY to the funds, including Brookfield, secondly placing blocks of its shares on the market.
The recent rescue of two ailing Italian banks -Popolare di Vicenza and Veneto Banca-broke away from the standard bail-in procedures introduced by the EU. The trick used for implementing that circumvention was based on the official guarantee that the two lame ducks did not represent a systemic danger.
The board of directors of Bankia and Banco Mare Nostrum (BMN) have approved the merger of the two lenders via a share exchange of 1 Bankia x 7,82. Furthermore, Bankia values BMN at 825 million euros. The deal is expected to be closed in December this year, and will give rise to Spain’s fourth largest bank, bigger than Sabadell.
There were two problems in Italy’s banking system which needed to be addressed, that of Banca Popolare di Vicenza and Veneto Banca. Finally, the situation has been resolved with the start of their liquidation process and the acquisition of “healthy” assets by Intesa San Paolo.
José Benito de Vega | Moody’s has lifted Repsol’s outlook from negative to stable and confirms long- term debt rating at Baa2. Analysts were expecting this upgrading after Repsol presented a new strategic plan for 2016-2020. In fact, Repsol’s stock price performance has revalued 11%, less than the Ibex, but a lot higher than the Stoxx 600 Oil & Gas (-1%).
Nick Ottens via Atlantic Sentinel | An Americans sanctions bill that explicitly mentions the Nord Stream 2 pipeline has set off alarm bells in Berlin and Vienna.
There no asset which is safe, liquid and provides a good return all at the same time, since these variables usually go in the opposite direction; gold has an extremely high VIX or volatility index and it sometimes exceeds the Standard & Poor 500 index.
Cellnex’s stock market listing in 2015 was the first in a series of moves (Inwit’s share offer, the sale of Telefonica’s stake in Telxius, etc) towards the creation of a listed telecommunications’ infrastructure sector, focusing on the mobile broad band segment.
Deutsche Bank has begun the process to sell its retail banking business in Spain and expects to receive non-binding offers before July 18. The sale price is not known, but according to the economic press, the bank’s initial intention was to obtain up to 2 billion euros from the disposal.
Unicaja has announced it has received sufficient demand to cover its stock market listing, due on June 30, and expects to raise 875 million euros. The offers presented are not binding as no definite price has yet been obtained.