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European economy 13th March 2024

ArcelorMittal reaches agreement to buy Apollo’s stake in Vallourec for €955 million; synergies expected

Morgan Stanley| Arcelor Mittal (MTS) has reached an agreement to purchase Apollo’s stake in Vallourec (French steel tube manufacturer), equivalent to 65.2 million shares (28.4%) for a total of €955 million. The acquisition is expected to be completed in 2H24, once all regulatory approvals are in place. Alain Gabriel acknowledges that the purchase has been concluded at a reasonable valuation, but expects more clarity on the extent of synergies and/or…

European economy 11th March 2024

Airbus delivers 49 aircraft in February, 2024 deliveries reach 79

Banco Sabadell: The company published last week the figure of 49 aircraft delivered during the month of February (compared to 30 in January and 46 in February 2023) bringing total deliveries in 2024 to 79 (against a figure of 66 in February last year, an increase of 20%). On the other hand, a total of two new orders and no cancellations were recorded during the month. Net orders through February…

European economy 9th March 2024

Caixabank CEO says bank taxes are brake on further consolidation of European banking sector

Link Securities| At a round table organised by the Bank of Spain (BdE) to celebrate ten years of the Single Supervisory Mechanism, the CEO of Caixabank (CABK), Gonzalo Gortázar, told the main financial supervisors that taxes on banking are a brake that does not help further consolidation of the European banking sector, as reported on Wednesday by Expansión. “In the last eleven years, the bank’s return on capital has been…

European economy 8th March 2024

ECB leaves open the possibility of interest rate cuts

Mirabaud: To no one’s surprise, the European Central Bank (ECB) has decided to keep official interest rates unchanged and has sent out a clearly pessimistic message. Inflation is expected to fall more than expected – it may not even reach 2% in 2026 – and economic growth is expected to be very limited: according to the latest ECB forecasts, gross domestic product (GDP) will grow by barely 0.6% this year….

European economy 7th March 2024

Telefónica launches delisting takeover bid for the 5.65% stake in Telefónica Deutschland it failed to secure in previous bid

Norbolsa | Telefónica (TEF) has launched a delisting tender offer to acquire the shares of Telefónica Deutschland that are not owned by Telefónica representing approximately 5.65% of the share capital and voting rights. The delisting offer will be formulated as a tender offer and will not be subject to any conditions. The offered price per share is €2.35, which is an attractive price that yesterday closed at €2.34/share. Upon delisting,…

European economy 6th March 2024

Germany’s trade balance rebounds in January to €27.5 billion from €22.4 billion previously thanks to exports

Bankinter: The German Trade Balance surprises on the upside and rebounds again in the month – Trade Balance (January): €27.5bn versus €21bn expected and €22.4bn previous (revised from €22.2bn); Exports: +6.3% month-on-month against +1.5% expected and -4.2% previous (revised from -4.6%); Imports: +3.6% compared to +1.8% expected and -6.5% previous (revised from -6.7%). Assessment: Both components, Exports and Imports, beat expectations in January. However, this improvement is the result of…

In Europe 5th March 2024

Brussels fines Apple €1.84 billion, just 0.06% of its market cap, for preventing competition from music streaming rivals

Bankinter: The EU has fined Apple €1.8 billion for abuse of dominant position in the music streaming segment, following a lawsuit filed by Spotify. Apple has indicated that it will appeal the fine as it considers that no conclusive evidence of harm to consumers or competition in the market has been presented. Analysis: Although the news is undoubtedly negative and in the short term the stock fell yesterday, we note…

European economy 4th March 2024

New signs Portuguese economy is holding up better than expected thanks to labour market and fall in CPI

Bankinter: Good data battery for the Portuguese economy. (i) CPI (Feb): +2.1% year-on-year against +2.3% previously; Underlying: +2.2% versus +2.4% previously. (ii) Unemployment rate (Jan): 6.5% compared to 6.6% previously. (iii) Final GDP (4Q 2023): +2.2% year-on-year against +2.2% preliminary and +1.9% in Q3; In the quarter: +0.8% quarter-on-quarter versus +0.8% preliminary and -0.2% in Q3. Analysis: New signs of an economy that is holding up better than expected, supported…

European economy 29th February 2024

Vidrala sells Italian subsidiary to Veralia for €230m to reduce debt

Intermoney| Vidrala (Hold, PO 94) yesterday informed the National Securities Market Commission (CNMV) that it has reached an agreement with Veralia for the sale of its Italian subsidiary for €230mn (7x EBITDA) of which 100% would be cash for Vidrala, obtaining capital gains of €100mn. Vidrala Italia achieved sales of €131mn in 2023 (8% of Vidrala’s total) and EBITDA of €33mn (mgn 25%). Approval is pending from the Italian competition…

European economy 29th February 2024

Eurozone money supply remains stagnant, but shows signs of stabilisation

BancaMarch : In January, M3 grew by +0.1% year-on-year, a tenth of a percentage point less than in the previous month but already far from the -1.3% fall recorded in August last year. More relevant is the evolution of loans, which if we look at those to households continued to decelerate by one-tenth of a point to +0.3% year-on-year, while loans to non-financial companies slowed to +0.2% from +0.5% (a…

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