Markets

electricity

Redeia and Endesa: Council of State questions CNMC on network remuneration methodology

Banco Sabadell | According to press reports, the Council of State has issued a legal ruling questioning the legal validity of the circular on network remuneration methodology, particularly the Totex model, as linking remuneration to future demand introduces a market risk that is incompatible with the regulated nature of the activity, while imposing limits on investment could encroach on the Ministry’s powers. However, with regard to the circular on the…


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Blackrock sells 7.1% of Naturgy stake, becoming fourth largest shareholder

Alphavalue / Divacons | Blackrock adjusted its stake in Naturgy to 12.6% after selling 7.1% held through Global Infrastructure Partners (GIP), according to the latest update of the National Securities Market and (CNMV) records published yesterday. This makes the investment fund the fourth largest shareholder, behind Criteria (23.96%), CVC (18.58%) and the Australian fund IFM (15.16%). Meanwhile, CriteriaCaixa strengthened its position as Naturgy’s main shareholder by increasing its stake to…


warnerbros

Paramount Skydance launches bid for Warner Bros exceeding Netflix’s offer: at $30 per share, valuation is $108.4 billion against $82.7 billion

Bankinter | Paramount Skydance launches a takeover bid for Warner Bros at $30.0 per share. The payment would be made in cash and represents a premium of 139% based on the share price prior to the news of a possible purchase of the company. It therefore exceeds the offer from NETFLIX (£96.79; -3.44), which is offering £27.75 per share in a combination of cash and shares. Overall, Paramount’s offer values…


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Christmas sales season begins with Black Friday, followed by Cyber Monday, which will shed light on evolution of private consumption

Renta 4 | After a session with almost no movement yesterday in Europe, today we are back on track with Wall Street (which will only open for half a session after yesterday’s Thanksgiving closure). We would also like to remind you that today marks the start of the Christmas sales season with Black Friday, followed by Cyber Monday on Monday, which will shed light on the evolution of American private…


bbva sabadell

BBVA admits second takeover bid for Sabadell could compromise capital distribution plan

Alphavalue/DIVACONS | BBVA (BBVA) admits that a second takeover bid for Banco Sabadell (SAB) could compromise its capital distribution plan, according to Expansión. The bank notes the ‘negative impacts’ that a possible second takeover bid for Banco Sabadell, which would be financed with ‘available resources’, would have on its solvency. Meanwhile, Zurich Insurance Group (Add, Target Price CHF 635) notified the National Securities Market Commission (CNMV) that it owns 4.947%…


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Altri loses electrical substation and grid connection for construction of new plant in Palas de Rei Lugo

Renta 4 | According to information published in the press, the secretary general of the Socialist Party of Galicia has confirmed that the central government will deny Altri the electrical substation and grid connection it requires for the construction of the new plant in Palas de Rei (Lugo). This refusal comes on top of its exclusion from the Perte decarbonisation programme and the €250 million in European aid requested by…


telefonica edificio

Telefónica given regulatory approval for sale of Telefónica Uruguay for €373 million

Renta 4 | The regulatory authorities in Uruguay have approved the acquisition of Telefónica Uruguay by Millicom. Telefónica Hispanoamérica S.A., a wholly owned subsidiary of Telefónica, reached an agreement in June with Millicom Spain S.L. to sell its 100% stake in Telefónica Uruguay. The agreed price was $440 million (approximately €373 million). Assessment: This news was expected given that Millicom was not present in Uruguay. This transaction confirms the divestment…


Acciona energia guapa

Acciona Energía sells 65% stake in Costa Rican Chiripa wind farm to minority partner Ecoenergía for around €71.4 million

Renta 4 | Acciona Energía has announced the signing of an agreement with Ecoenergía for the sale of its majority stake (65%) in the Chipira wind farm (49.5 MW), located in Costa Rica. The value of the transaction (EV) amounts to up to $80 million (€80 million). The asset has been in operation since 2015. The concession for the farm was due to be transferred to the State in 2033….


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UBS raises recommendation for Inditex to “buy” from “neutral” and ups target price from €48 to €52

Alphavalue / Divacons | Shares in the Spanish fashion company rose 0.75% yesterday after UBS raised its recommendation to ‘buy’ from “neutral” and raised its target price from €48 to €52 thanks to a business model ‘based on local sourcing and the integration of physical and online sales’. Our analysts give Inditex upside potential of almost 10%. Meanwhile, José María Castellano, former CEO and vice-chairman of Inditex, passed away yesterday…


Digi

Digi begins preparations with Rothschild for IPO of Spanish business, valued at €2.5 billion

Link Securities | The Spanish subsidiary of the Romanian operator plans to go public to accelerate its growth. It currently covers more than 12 million households, and its goal is to reach 20 million in three years. To finance this growth, the telecommunications group intends to place a minority stake on the stock market and has hired Rothschild for this purpose. DIGI is valued at €2.5 billion. The IPO is…