The board of directors of Metrovacesa has rejected the takeover bid launched by FCC, the construction company controlled by Slim, with the aim of achieving a 29% stake in the real estate developer. They consider that the offered price of 7.2 euros is not adequate. In this way, as the company has informed the Comisión Nacional del Mercado de Valores (CNMV), none of the directors owning Metrovacesa shares will accept…
Morgan Stanley | After putting behind it the acquisition of Garanti (it now controls 86%), we believe BBVA’s focus will gradually return to its businesses in Mexico and Spain. These contribute to 90% of the 2022-2024 profits and where the sensitivity to rates has been underestimated. Based on our analysis, the combined NII will be able to grow 8-10% CAGR in the next three years, beating the consensus assumption. A…
The construction company Sacyr – which hopes to return to the selective Ibex 35 on the 9th – has sold its stake in Repsol 16 years after its entry. At that time, the Sacyr Group invested over 6 billion euros in 20% of the capital, at an average price of 26.71 euros. According to the company, the sale operation has been possible thanks to the increase in the price of…
Three Gorges (CTG) has reached an agreement to acquire a portfolio of 619 megawatts (MW) of photovoltaic assets from Nexwell Power in what is its largest transaction to date in Spain in terms of capacity, according to market sources quoted today by the newspaper Expansión. Details of the price have not yet been disclosed, but sources suggest that the value of the deal is in excess of EUR 200 million.CTG…
Bankinter | The Stock Market Regulator (CNMV) has suspended trading in the shares of Acerinox this Friday, on the news of a possible merger with Aperam, whose share trading is also suspended. According to financial daily Expansion, and as picked up by Bloomberg on Thursday, Acerinox and Aperam could be studying their integration. Bankinter analysts’ team opinion: Acerinox and Aperam are both leaders in stainless steel, with similar market capital (Acerinox’s…
Discontinuous permanent workers are the most frequent group in the new hiring of the labour reform. They have multiplied by nine compared to 2019, creating 600,000 new contracts in just three months, and already represent 36% of permanent contracts. As the digital newspaper Vozpopuli explains today: The modality, which previously had a practically testimonial weight, with a few thousand, is designed for seasonal or seasonal jobs, with periods of standstill…
Since 2020, the PSOE has lost in Galicia, the Basque Country, Madrid and Castilla y León, and has only won in Catalonia. The Centro de Investigaciones Sociológicas predicts a clear victory for the PP on 19 June, with 35% of the votes for Moreno Bonilla (15% more than 4 years ago), compared to 25% (3% less than 4 years ago) for the new PSOE candidate, Juan Espadas. According to this…
BancaMarch | The Government has made a request to US fund Bain Capital for a window of an additional six months, with the aim of incorporating a Spanish partner, presumably Indra, into the shareholding of Basque airplane engines manufacturer ITP Aero. This is according to several media reports. Bain anticipates closing the acquisition of ITP in June. Thence the request for an additional time period so that Indra, in which…
The number of unemployed people registered in the offices of the State Public Employment Service (SEPE) at the end of May 2022 is 2,922,991. The total number of unemployed had not fallen below three million since December 2008. The number of unemployed decreased in May by -99,512 persons (vs -86,260 persons in April). The number of unemployed stands at 2.922 million (-3.3% m/m and -22.7% y/y). The seasonally adjusted number…
The governor of the Bank of Spain, Pablo Hernández de Cos, has reaffirmed his calculations on the pension system after the Minister of Social Security, José Luis Escrivá, described them as “unsophisticated”. He once again argued that the measures proposed are not enough to ensure sustainability once pensions have been linked to inflation and the sustainability factor has been eliminated: “If you add and subtract, there is a gap that…