The Al Shoula consortium (Renfe, Adif, Ineco, Cobra, OHL, Indra, Consultrans, Copasa, Siemens, Imathia, Abengoa and Talgo) for the construction and operation of the Mecca-Medina high speed train would have sent a first contract termination notice due to the delay in payment by the Saudi Railway Organization that could amount to about 200 million euros.
David Kohl, (Chief Currency Economist, Julius Baer) / US growth superiority continues for longer than expected. The economic headwinds caused by measures to contain the spreading of the coronavirus are stronger for the Eurozone than for the US and support safe-haven currencies. We have adjusted our 3-month euro forecast down while being slightly more constructive for the JPY.
BBVA Research / U.S. stock exchanges reopened after President’s Day holidays, in an environment where markets traded in a risk–off mood fashion. Apple Announced forecasts for 1Q20 sales are not going to fulfill expectations amid coronavirus impact, while its share value dropped 2.13 %. Furthermore, HSBC also warned about the impact of the coronavirus on its Asia business. In this context, investors sought shelter in safe-haven assets, while equities halted…
The agreement with Fluidra values 100% of Fabtronics at 18.75 M AUD excluding future earn-outs payments. The price for the purchase of 80% of Fabtronic will be paid out as follows: as of today’s date, an initial payment of 15 M AUD has been made; at the same time, additional earn-outs payments linked to Fabtronics results have been agreed for the next three years. The contract also includes cross sell and purchase options which would allow Fluidra to raise its stake in Fabtronics’ share capital to 100%.
Repsol will make a provision of 837 million euros, representing 4% of its market cap, in its 2019 results after the first partial award (of a total of five) issued by the Arbitration Court in 2020. This has been found in favour of Addax and Sinopec in their litigation against Talisman Energy (currently “ROGCI”) and Talisman Colombia Holdco Limited.
Mapfre recorded a 15.2% increase in 2019 net profit to 609 million euros, with revenues up 7.1% at 28,472 million euros. The company headed by Antonio Huertas will pay 447 million euros in dividends from 2019 results, amounting to 0.145 euros per share and a yield of 5.7%.
After 80 years in existence, Spanish chemical group Sniace has agreed to seek liquidation with the courts for itself and its subsidiaries Celltech and Viscocel, given the impossibility of meeting the payments stipulated in its creditors’ agreement.
Banc Sabadell | America Movil would be open to explore options to buy Telefonica’s (TEF) assets in Latin America, according to statements from its CEO and CFO that have appeared in the press. It is worth mentioning that it was already leaked that Telefonica had hired several investment banks to try to accelerate the sale of its subsidiary HispAm to before June 2020. The idea would be to sell a…
The Ministry for Ecological Transition plans to make changes to the law which will affect Red Eléctrica and Enagás, operators of Spain’s electricity and gas networks, respectively. According to press reports, the two companies, each with a stake of public capital, will be obliged to inform the competition supervisor (CNMC) of any interest they have in acquisitions (now they are not required to do so). The CNMC will not have the right of veto, but it will impose conditions on its approval.
