Link Securities | The Spanish-German company Siemens Gamesa (SGRE) has signed a framework agreement with Eolien Maritime France (EMF) (constituted by EDF Renewables and Enbridge), through its French subsidiary Siemens Gamesa Renewable Energies SAS.
Renta4 | Cellnex (CLNX) has contracted Goldman Sachs for the acquisition of a holding in the French company TDF. The news limits the posible holding to 60%, in a company in which Brookfield, which holds 45%, has announced the sale of its holding.
Bankinter | Credit Agricole (CA) and Banco Santander (SAN) will merge their securities management and custody activities: CACEIS for CA and Santander Securities Services(S3) for SAN (it will contribute 100% of S3 in Spain and 49.99% of its business in Latin America)
Andrea Iannelli (Fidelity) | Central banks have again become the protagonists in the quarter which has just ended. A generalised movement towards more expansionary positions, with the Federal Reserve in the lead, supported risk tolerance and lifting all kinds of assets, reversing the poor returns registered in 2018.
Renta4 | ACS is studying the possibility of floating its renewable business. The company, through Cobra (subsidiary of industrial services) counts on a portfolio of assets of 2,000 MW between installed and adjudicated projects, which according to this information could secure a valuation of 2 billion euros.
Ángel Pérez Llamazares (Renta 4) | Caution due to risk factors/ catalysts in short medium term. We raise Aena’s stock O.P. to 150.3 euros.
Bankinter | The company announced in its shareholders´ general assembly yesterday that it would be considering creating a Socimi in Portigal that would be consituted before the end of the year.
Banc Sabadell | We analyse the strategic plan for 2018-19, concluding that its target of average ROE 19-20 of 20% is achievable, given that it would imply post tax profits of around 940 million euros and we forecast that it could best this.
Link Securities | Members of the ECB´s Council are inclining in favor of compensating banks for loans to individuals and companies, although they are skeptical about offering lenders relief for the charge they receive for their idle balances.
Sabadell | The funds Lone Star and Apollo have demonstrated interest in acquiring 100% of Ferrovial’s services subsidiary. Goldman Sachs distributed the indicative document (teaser) several weeks ago.