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Companies, Spanish economy 3rd March 2023

TCI, with 6.4% of Ferrovial’s capital, defends change of HQ and says it can help correct large share price discount

Link Securities | Ferrovial (FER) has set out the rules for carrying out the move of its headquarters to Amsterdam, Expansión newspaper reported on Wednesday. The company will compensate shareholders opposed to the move with €26 per share, the average price of the last three months. In relation to this same issue, the newspaper Expansión reports on Thursday that the largest foreign investor in FER, The Children’s Investment (TCI), which…

Spanish economy 2nd March 2023

Number of unemployed in Spain increases by +2,618 people in February

Bankinter : The number of unemployed increased in February by +2,618 persons (after +70,750 in January). It stands at 2.91 million (+0.1% month-on-month and -6.4% year-on-year). The seasonally adjusted number of registered workers increased to 20.38 million (+0.4% month-on-month and +2.2% year-on-year). Analysis: The number of unemployed increased slightly in February, for the second consecutive month. The average for the last 10 years in February is +21.2 thousand workers. The…

Spanish economy 2nd March 2023

Euronext withdraws its 5.5 billion bid for Allfunds

The exchange operator plunged 10% in just six sessions, while the Spanish company soared almost 13%. Euronext has withdrawn its bid for Allfunds, among other reasons, because of unsatisfactory due diligence and the stock market punishment that investors inflicted on the pan-European exchange operator’s share price after the announcement. It risked being worth the same or less than its potential prey. Euronext’s stock market plunge -10% in just one week-…

Companies, Spanish economy 1st March 2023

FCC initiates contacts to refinance Environment subsidiary bond for €600 million

Link Securities | FCC (FCC) has initiated contacts with financial institutions and investors to refinance the bond of its Environment subsidiary for an amount of 600 million euros that matures next December, as reported on Monday by the newspaper elEconomista. The construction and services group is exploring different alternatives given the current market circumstances, with the rise in interest rates as the main conditioning factor. The first option is to…

In Spain, Spanish economy, Spanish Politics 1st March 2023

Podemos effect drives Ferrovial out of Spain

Ferrovial, the large Spanish construction company owned by the Del Pino family, one of the 35 companies that make up the Ibex 35, is moving to the Netherlands and the Spanish press is talking in its editorials about “Unrest in the government over Ferrovial’s flight to the Netherlands” (Vozpópuli), “The possible domino effect of Ferrovial” (El Economista) and “The Podemos effect pushes Ferrovial out of Spain” (El Español)…. Given that…

Companies, Spanish economy 1st March 2023

Vocento to pay interim dividend of €0.046 gross per share for 2022 financial year

Link Securities | The Board of Directors of Vocento, at its meeting on 27 February 2023, has resolved to propose to the General Meeting of Shareholders that an ordinary dividend be paid out of the profit for 2022, in the amount of €5,500,000, at a rate of approximately €0.046 gross per share for each VOC share, from which the applicable withholding tax will be deducted. The amount per share will…

Spanish economy, Spanish Politics 28th February 2023

Ferrovial moves to the Netherlands and becomes “Societas Europaea”.

CdM | The Board of Directors of Ferrovial has approved a proposal to the General Meeting to merge the parent company of the Ferrovial, S.A. group with its subsidiary Ferrovial International SE by absorption of the former by the latter. As a result, the head of the group will become a European public limited company (“Societas Europaea”) with its registered office in the Netherlands. At the same meeting, the Board…

Spanish economy 28th February 2023

Spain: inflation up to 6.1% in February, core inflation at 40-year high of 7.7%

In Spain, the Consumer Price Index (CPI) rose by 1% in February compared to the previous month and raised its year-on-year rate by two tenths of a percentage point to 6.1%, due to higher energy and food prices, according to advanced data published on Tuesday by the National Statistics Institute (INE). With the rise recorded in the second month of 2023, inflation has risen for two consecutive months in its…

Spanish Politics 27th February 2023

Block journalism in the mainstream media

Fernando González Urbaneja | The partiality of the so-called “mainstream media” when it comes to reporting (not giving opinions or editorialising) on the twists and turns and the ups and downs of political parties is disturbing. They have even lost the appearance of neutrality in their reporting in favour of a tiresome, one-sided view that goes so far as to distort the facts and even invent tensions. Thus, they are…

Spanish economy, Spanish Politics 24th February 2023

Barça, much more than a club, a disaster

Fernando González Urbaneja | If the case of the trains that don’t fit through the tunnels was a grotesque case typical of a country of breakdowns, Barça’s payments to a professional referee with a federative position confirms the hypothesis of breakdown. For almost two decades, throughout this century, the leading Catalan sports club, more than a club, has spent more than seven million euros in unexplained and perhaps inexplicable payments…

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