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Talgo new

In Spain 10th February 2025

Polish company Pesa to launch takeover bid for 100% of Talgo at similar price to €5.0/share offered by Magyar

Renta 4 | According to press reports, Pesa has informed the National Securities Market Commission (CNMV) that during this week it will launch a takeover bid for 100% of Talgo’s shareholding. The offer will be subject to the fulfilment of certain conditions that have not yet been disclosed and opens the possibility for the consortium led by Sidenor to join the operation. Assessment: News that we value positively since it…

Arcelor Mittal

In Spain 10th February 2025

€400 million in Spanish exports at risk due to Trump’s announced tariffs on all US steel and aluminum imports

Pablo Pardo (El Mundo) | On Mondays, tariffs. That seems to be the strategy in trade policy of the President of the United States, Donald Trump. This time, a 25% tariff on all imports of steel and aluminum from that country. Spain is the tenth largest exporter of steel to the US, with sales to that country amounting to 290,000 tons in the last 11 months and one week, according…

ROVI MODERNA

In Spain 8th February 2025

Rovi issues profit warning: EBITDA to be 10-15% lower than consensus expectations; P.O. lowered to €60.10/share from €73/share

Bankinter: In a Significant Event, Rovi announced that it expects its EBITDA 2024 to be lower, in a range between 10% and 15%, than expected by the market. The company will publish its annual results on 25 February. It maintains its forecasts for the current financial year 2025 (Sales down 10%/0%). Analysis team’s opinion: Negative news. Consensus market estimates indicate sales 2024 of €787m (down 5% year-on-year) which is in…

Talgo diferente

In Spain 7th February 2025

Consortium making offer for 29.7682% of Talgo at €4.15/share has no intention of acquiring more than 30%

Bankinter | Trilantic Capital, majority shareholder of Pegaso Transportation, received a conditional offer for 29.7682% of Talgo’s (TLGO) share capital. Initial fixed price of €4.15/share, which can be increased to €0.65/share depending on the fulfilment of financial targets in 2027 and 2028. The Consortium submitting the offer is formed by Clerbil, Finkatze Kapitala Funlatuz, Fundación Bancaria BBK and Fundación Bancaria Vital. The Consortium does not intend to acquire a percentage…

banco sabadell

In Spain 7th February 2025

Sabadell’s 2024 profit rises 37.1% to €1.827 billion in midst of BBVA takeover bid; extra share buyback programme announced for €755 million

Link Securities | The Catalan entity has presented its results for the financial year 2024, of which we highlight the following aspects: Sabadell’s net interest income amounted to €5,021 million at the end of 2024 (+6.3% year-on-year; +1.7% 4Q2024; +5.7% at constant rates; +0.6% analysts’ consensus FactSet), positively affected by the collection in 4Q2024 of €36 million of extraordinary late payment interest related to the recovery of a debt following…

Closed

Spanish economy 7th February 2025

Spain: Bankruptcy proceedings rise by 34% in January

Spain recorded a total of 855 bankruptcy proceedings and 4,533 dissolutions in the first month of the year, representing an increase of 34% and 3%, respectively, according to data published this Thursday by Informa D&B. It is the smaller companies, specifically microenterprises, that account for the majority of the bankruptcies initiated in January, at 81%. Small enterprises make up nearly 17%, medium-sized enterprises account for 2%, and only one large…

ACS novisimo

Spanish economy 6th February 2025

41.01% of ACS holders decide to receive flexible dividend of €0.454/share in cash

Link Securities headquarters| In relation to the second execution of the bonus share issue approved by the General Shareholders’ Meeting of ACS (ACS) on May 10, 2024 to implement an optional dividend system, the company announces the following: The irrevocable commitment to purchase rights assumed by ACS has been accepted by holders of 41.01% of the free allocation rights, which has determined the acquisition by ACS of 111,416,240 rights for…

Botin Santander

In Spain 6th February 2025

“We are giving Spaniards cheaper mortgages today than what we lend to the State,” explains Santander president

“And corporate credit in Spain is now cheaper than in Germany, according to data from the ECB survey” (3.69% vs 3.70%), emphasized the president of Spain’s largest bank, Ana Botín, who saw a rise of more than 8% in the stock market yesterday after announcing profits of €12.574 billion (up 14%) with a revenue increase of 10%. (https://t.co/TUaTQ8qTGE ) The board intends to increase shareholder returns and also announces a…

Employment

In Spain 5th February 2025

Government approves reduction of working hours to 37.5, but it still lacks necessary support in Congress

The Government approves the reduction of working hours to 37.5 hours, although it still lacks the necessary support in Congress. The employers’ association CEOE accuses the Minister of Labor, Yolanda Díaz, of sabotaging “social dialogue” and negotiating a reduction in working hours between the Government and unions that should have been discussed among social agents. The employers’ refusal to negotiate – as many agreements already have shorter working hours and…

Talgo diferente

In Spain 5th February 2025

Trilantic, Torreal and Oriol family, 40% owners of Talgo, to auction stake in February

Link Securities | Trilantic, the largest shareholder of Talgo with 29% of the capital, will close in February an auction led by PwC for its stake, to which Torreal and the Oriol family, with a joint stake of 40% of the listed company, will also add theirs, the newspaper Expansión reports today. The three investors still have a syndicated stake in the Pegaso vehicle. Thus, those interested in this stake…