The rating agency S&P Global Ratings announced on Tuesday that it expects Spain to grow by 3.1% in 2024, nine-tenths higher than its June forecast and almost four times the 0.8% for the eurozone as a whole.Additionally, Spain’s GDP is expected to advance at a rate of 2.5% in 2025, six-tenths higher, and at 2% in 2026 and 2027. This means that the last two figures remain unchanged, which are…
Norbolsa | Telefónica and Vodafone Spain are looking for an outside investor for their fibre optic joint venture, FibreCo. Funds such as Vauban, AXA and GIC have shown interest in acquiring up to 39% of the stake, in a deal valued at €2 billion and expected to close in the first half of 2025. Telefónica will retain the majority (51%) and Vodafone 10%. On 7 November, Telefónica de España and…
Alphavalue/DIVACONS | The Spanish pool and spa company has agreed to acquire pool cover manufacturer BAC pool Systems. The financial terms of the deal have not been disclosed. BAC, which focuses on the German and Swiss markets, has a team of around 60 employees and by 2024 estimates sales and adjusted EBITDA of around €13 million and €2.5 million, respectively.
The president of the steel company Sidenor, José Antonio Jainaga, conveyed last week to the Trilantic fund, the main shareholder of Talgo, an offer that involves the payment of €148 million for its 29.9% stake, which includes a premium over the current stock market levels. However, the price seems to fall short of the financial entity’s expectations.Talgo recorded a 3.27% increase in the stock market on Monday, reaching €3.47 per…
Link Securities | The textile group Inditex (ITX) is to inaugurate in its new shop in Hermosilla (Madrid) the concept of cafeterias that it will extend all over the world, according to the newspaper Expansión. The next shop openings with a Zacaffé will be in Tokyo (Japan) and Seoul (South Korea). The Zacaffé at Hermosilla 14 (Madrid) is located in the group’s new Zara Man shop, although it has a…
Link Securities | Having fulfilled the last of the conditions attached to the transaction yesterday Acerinox, through its wholly owned US subsidiary North American Stainless (NAS), has completed the acquisition of 100% of the shares of the US company Haynes International Inc. for a total cash consideration of $798,735,508. The acquisition agreement was signed on February 4th of this year, subsequently the operation was approved by the General Shareholders’ Meeting…
Last October ended with more than 905 companies in insolvency, the highest figure in the entire series since the reform of the Bankruptcy Law came into effect in September 2022. This brings the country to accumulate 5,911 bankruptcy petitions so far this year, nearly the same number in ten months as all those recorded in 2021, when the economy was still struggling to recover from the Covid-19 pandemic. There are…
The Treasury has managed to salvage what the Government describes as a “tax reform” in the final moments, although it is more of a new tax increase that will raise revenue by about €10.5 billion a year. The most significant change is for banks, which will not be taxed on profits but on revenues: it taxes the interest margin and commissions. This is not an extraordinary levy like the one…
Link Securities | The National Markets and Competition Commission (CNMC) published on Wednesday the arguments that led it to agree a week ago to extend a few more months the evaluation of the hostile takeover bid launched by BBVA on Banco Sabadell (SAB), as reported by the newspaper Expansión on Thursday. The CNMC says it sees a risk that the takeover bid could reduce banking competition in Catalonia and Valencia…
Iberdrola and Repsol face each other today in Santander Commercial Court number 2 in the oral hearing following the lawsuit filed by the electric company against the oil company for “unfair competition” and “misleading advertising.” This will be the first trial between companies for greenwashing in Spain. Iberdrola is asking for some of Repsol’s campaigns to cease, but not for damages.The trial will take place in the city of Santander…