New Telefonica’s commercial brand in Spain O2 will aim to cover all segments of the low and medium cost market where the entry of Masmovil has caused competition. Masmovil gained 201,000 new lines in April, while Telefonica gained 1,200 new connections, Orange lost 1,900 lines and Vodafone 4,500.
Sacyr did well out of the housing bubble in Spain: its Ebitda was multipled by 2.9 between 2001 and 2007. Now the new Sacyr is building its business around concessions, aiming to mimic the business models of the French companies Vinci and Eiffage.
Renfe could be working on opening an office in the US to pursue opportunities to enter the passenger train market. The initiative is part of the public operator´s internationalisation strategy, aimed at securing new sources of income in case of possible losses in the Spanish market when passenegr traffic is opened to competition in 2020.
DS Smith has lodged a bid for Spanish paper and packaging company Europac, valuing the latter at 1.9 billion euros. The UK firm has offered 1.667 billion euros for 100% of Europac’s capital (16,80 euros/share).
It seems Abengoa has reached an agreement with its main creditors who did not accept the plan (Liberty, Zurich and Exim US) to refinance its existing debt with a new bond issue under the same economic terms as the former senior debt but with a maturity date of six months earlier (up to March 2022).
Spanish Duro Felguera, specialized in turnkey projects within the energy, mining & handling, oil & gas, smart control systems and defense and security sectors, signed a Memorandum of Understanding with Metco Engineering for energy efficiency and resilience projects in the US. The deal is valued over $200 M per year.
The share price of Spanish Tubos Reunidos, manufacturer of tubular steel, has accumulated declines of 40% since the auditor’s report from PWC, publised on March 13, said the following: “significant deviations in the key measures and hypothesis of the plan (…) point to a basic uncertainty which may create important doubts about the Group’s capacity for continuing to operate.”
Gestamp said on Tuesday it has bought a factory in Brazil which currently supplies bodywork components for the Japanese car manufacturer Toyota. The Spanish multinational flagged that this operation fits in with its goal of increasing its Japanese clients, who currently manufacture almost a third of global vehicles.
Amidst the market turbulence of the last few days, Metrovacesa returned to the stock exchange through the back door. Between the fact that its share offer was already somewhat jinked (after it was forced to reduce the price due to a lack of investor appetite) and that yesterday’s session was dominated by fear, the property firm’s shares fell 3% on their debut.
The price for Metrovacesa’s return to the stock market will be in the range of €18,0/€19,5 per share, implying an initial market capitalisation of between €2.730 billion and €2.957 billion.