In Spain

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Moody’s estimates Social Security system’s deficit will increase from 0.5% in 2022 to 1.4% in 2030

Link Securities| The risk rating agency Moody’s estimates that the Spanish Social Security deficit “will increase significantly” over the next two decades in the absence of new adjustment measures as a result of the ageing of the population and higher spending on pensions that involves linking their rise to inflation, which could negatively affect Spain’s credit rating, currently at “Baa1” with a “stable” outlook, according to the newspaper Expansión on…


Repsol sells Peyto exploration and production assets in Canada for $468 million

Repsol has agreed to sell its oil and gas assets in Canada to Peyto for $468 million (about €433 million). The deal includes all mineral rights, facilities and infrastructure related to Repsol’s Canadian oil and gas exploration and production business, including the Greater Edson area assets, which have a net production of 23 kboe/d, mainly gas. Repsol maintains commercial and logistics operations in Canada through its St. John LNG facility…


ACS sells additional 7% stake in Ventia for some €239 million

Banco Sabadell: According to press reports, ACS and Apollo have sold about 17% of Ventia (7% for ACS) in a block sale for about A$400m (about $239m) at A$2.65/share (vs. 2.74 at yesterday’s close). They reduce the joint stake to 12% (close to 7% for ACS) and ACS will receive ~€100m from the sale (~1.2% capitalisation and vs €1,165m that ACS had in net debt at the end of H1’23…

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Property prices in Spain increase by +7.9% in the first eight months of the year but fall -0.2% month-on-month

Alphavalue/DIVACONS| The price of housing increased by +7.9% in the first eight months of the year and by -0.2% between July and August, placing the price at €2,145/square metre, according to data from the Fotocasa Real Estate Index. This last monthly value (-0.2%) is the first fall detected in the last two years (since January 2022) and the price rise in the first eight months is the most moderate in…


Saudi Telecom becomes Telefónica’s largest shareholder after buying 9.9% stake for €2.1 billion

STC Group, the leading Saudi Arabian investor, has acquired a 9.9% stake in Telefónica for a total of 2.1 billion euros, it said in a statement on Tuesday. The first telecommunications company in Saudi Arabia has stated that it has no intention of “taking control” of the company headed by José María Álvarez-Pallete, among other reasons because it requires the cooperation of the Spanish government to do so. The dividend…

Small & Midcaps investment options

Foreign investment in Spain exceeds €34,178 million in 2022, second highest figure on record

Spain has consolidated its attractiveness as a destination for foreign investment thanks to its growing participation in international business. According to data from the Foreign Investment Register DataInvex of the Secretary of State for Trade, the USA is the leading investor in Spain, with 27.7% of the total, equivalent to a gross investment of 9,453 million euros. It is followed by the United Kingdom with an investment of €6,097 million…


Unusual: Vice-President Yolanda Díaz travels to Brussels and negotiates with fugitive Puigdemont while Sánchez considers his investiture a done deal

“The meeting – lasting almost three hours – between Yolanda Díaz, vice-president of the government and leader of Sumar, and the fugitive Carles Puigdemont in Brussels is one of the most serious political events of recent years in Spain. The acting vice-president discredits the state by representing the state itself, and places herself in a position that would be unsustainable if Spain were not in a situation of exceptionality and…


Deutsche Bank and funds take the reins of Celsa, the Catalan steelmaker, and secure activity

Creditor funds can now take control of Celsa. The ruling issued on Monday by Barcelona Commercial Court No. 2 puts an end to the dispute between the Rubiralta family, the founders and until now owners of the steelmaker, and the corporations holding 90% of its bulky debt. The magistrate has endorsed the plans of the syndicate of creditors, who will capitalise €1,352 million of convertible debt and part of the…

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CaixaBank and Bankinter now offer returns on deposits

Alphavalue | Large entities such as CaixaBank and Bankinter have begun to offer returns on deposits on a personalised basis and for customers with strong ties and balances of more than €50,000, as reported by the newspaper Expansión. Santander does the same, through Openbank. Until now, only a few small banks (and mostly internet-based) offered something for deposits.

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Almirall acquires rights to distribute Alzheimer’s treatment in Spain for an initial €45 million

Bankinter| Laboratorios Almirall (ALM) has acquired the rights to distribute a product to treat Alzheimer’s disease in Spain. The agreement gives Almirall exclusive rights to a transdermal patch containing Rivastigmine to treat Alzheimer’s disease. The transaction has been closed for an upfront payment of €45 million and provides for additional potential compliance payments of up to €15 million. Assessment: Positive news, the company has been looking for acquisitions to strengthen…