Bankinter | The German company could close three plants in Germany. Until now everything pointed to the closure of two plants, one dedicated to the production of vehicles and the other to components. Now the unions claim that the measure could be extended to three factories and include the reduction of installed capacity in other European plants. Volkswagen has not confirmed the news. It could provide more details on Wednesday…
Renta 4 | VMEDO2 UK is selling a stake in Cornerstone Telecommunications. VMEDO2 UK, Telefónica’s 50:50 JV with Liberty Global in the country, has agreed to sell an 8.33% stake in mobile towers joint venture Cornerstone Telecommunications to UK-based asset manager Equitix. VMEDO2 will receive at closing approximately £186 million in cash (approximately €221 million), equivalent to a multiple of 21x adjusted EBITDA 2024 R4e and will retain a 25.01%…
Morgan Stanley, Javier Martinez Olcoz and Ross MacDonald study the possible scenarios of a tariff increase on imported cars from Europe and possible tax cuts. European cars have a tariff increase of 2.5% while American cars sold in Europe have a tariff increase of 10%. Tariffs for trucks and vans are 25%.The cars most at risk of a rate increase are SUVs and sedans, but precisely the price elasticity is…
Link Securities | The Spanish bank has already attracted 580,000 customers in Italy in the three years it has been operating in the country’s retail segment, on its way to achieving the target of 600,000 customers it had set itself for the whole of 2024, Expansión newspaper reported yesterday. The bank arrived in Italy in 2021 with a digital model and a five-year growth plan that set a target of…
Link Securities | Telefónica (TEF), through its 50/50 joint venture with Allianz (ALV-DE) for the deployment of fibre optics in Germany, has closed a deal with Infracapital, the infrastructure investment arm of British asset manager M&G, for the acquisition of Infrafibre Germany (IFG), which specialises in rural areas, according to Expansión on Wednesday. As part of the deal, which market sources value at just under €100 million, the Telefónica and…
Link Securities | Sacyr (SCYR) is looking to selectively expand the markets in which it operates and has turned its attention to the programme of transport infrastructure concessions through public-private partnership models that the Government of the Czech Republic has launched, according to elEconomista. The Spanish company is analysing the opportunities offered by the country both for the development of new motorways and the future high-speed railway line, with investments…
Bankinter : Fitch maintains Italy’s rating and upgrades its debt outlook. The credit rating agency Fitch has maintained the debt rating at BBB and upgraded the outlook to Positive from Stable. Fitch explains this outlook upgrade by recent progress on the fiscal front and the government’s commitment to EU fiscal rules. These elements point to a reduction in medium-term financing risks stemming from the country’s high debt levels. Opinion of…
Intermoney | Eurozone trade balance figures for August disappointed as the trade surplus narrowed quite a bit, to €11bn (vs. an estimated €17.6bn). At the same time, July’s data was revised down to a surplus of €13.7 billion. The euro area’s surplus in trade in goods with the rest of the world also narrowed, mainly due to lower exports of machinery and vehicles. Trade tensions were more than evident with…
Alphavalue/DIVACONS | Iberdrola (IBE) and Masdar, the Abu Dhabi Emirate’s renewable energy group, have completed the installation of wind turbines at the Baltic Eagle offshore wind farm, the two companies announced on Wednesday. A total of 50 turbines with a capacity of 476 MW have been installed. This project is part of the strategic agreement between the two companies. When fully operational, Baltic Eagle, which is already connected to the…
Banca March: In Germany, industrial production surprised on the upside in August. Specifically, the indicator climbed 2.9% in the monthly comparison, the biggest advance since October 2021. On a year-on-year basis, German industrial production fell by 2.7% compared with an estimated 3.8% decline. Still in Germany, analysts’ confidence, measured by the ZEW index, gave mixed signals. On the one hand, the expectations component surprised positively at 13.1 versus the 10…