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Grifols nueva

In Spain 29th October 2024

Brookfield fund delays Grifols takeover bid for second time after failing to raise required €10,000 million

Bankinter | Brookfield fund has failed to raise the nearly €10,000 million needed to acquire 70% of the company and restructure the debt. This is negative news that casts doubt on whether there will be a takeover bid for Grifols. On 8 July we learned that Brookfield was analysing a takeover bid for Grifols, almost four months have passed since then. At the end of September, the fund asked the…

Banco Santander office

Spanish economy 29th October 2024

Santander reports 3Q24 attributable profit of €3,250m, 4% above company-compiled consensus

Iñigo Vega (Jefferies) | Santander 3Q24 First Look – Solid Dynamics Despite Still Ongoing Neg. Argentine Impact A 4% beat at bottom line, again impacted by negative adjustments in relation to Argentina. Ex-Argentina, net income was a 7% beat (5% beat at PBT). Revenue dynamics trending in line, with strong trading and other income and NII in line. Across the Group, better OpEx and CoR dynamics. Beats coming from key…

telefonica letrero entrada 1024x648 1

Spanish economy 29th October 2024

Spain to authorise Saudi Arabia’s 10% stake in Telefónica, valued at €2.3 billion

Banco Sabadell : The Ministry of Defence will unblock the purchase of 9.9% of TEF by STC (it already holds 4.9% directly). Thus, according to this information, in the next few days the Government will approve the acquisition of this stake, valued at ~2,300 M euros. Assessment: Expected news, no impact. Other shareholders are: SEPI (10%), Criteria (9.99%), BBVA (4.94%), Vanguard (3.56%).

Endesa nocturnal

Spanish economy 29th October 2024

Endesa interested in Acciona’s hydroelectric business: 626.5 MW spread over 34 plants, concession life between 12 and 39 years

Banco Sabadell : According to press reports, Endesa has shown interest in the hydroelectric assets that Acciona has recently put up for sale. Specifically, they would comprise 626.5 MW spread over 34 plants and with a concession life of between 12 and 39 years. According to the news, Acciona Energía aims to obtain around €1,000 million in a process that is still in its initial stages, and in which the…

banks general 777x400

In Spain 28th October 2024

Spanish Banks’ 3Q24: Asset quality shows no signs of deterioration

Iñigo Vega (Jefferies) | Spanish Banks’ 3Q24 earnings season kicked off with BKT; we preview SAN, UNI, CABK and BBVA. We expect the focus to remain on domestic NII resilience despite falling rates. While fees are expected to remain under pressure in the quarter, asset quality shows no signs of deterioration. We see the NII miss at BKT as idiosyncratic and don’t read-across to other peers. No major changes in…

extranjeros inversion inmobiliaria

Spanish economy 28th October 2024

Mortgages taken out on dwellings in Spain in August reach 30,676, 8.8% up on same month in 2023

Link Securities | According to the National Statistics Institute (INE), the number of mortgages taken out on dwellings in August in Spain was 30,676, which represents an increase of 8.8% year-on-year. The average amount of these operations was €145,352, which represents a year-on-year increase of 5.3%. For its part, the average number of mortgages on the total number of properties registered in the land registries (from previously executed public deeds)…

paroespana espaldas

In Spain 25th October 2024

Unemployment rate improves to 11.21% in 3Q2024

Bankinter | The unemployment rate has improved to 11.21% in 3Q2024 (down 0.07pp in the quarter, at 2008 levels). The Activity Rate continues to increase in the year to 59.04% (up 137.1 thousand in Q3), with an increase in the number of employed to 21.8 million (up 138.3 thousand), while the number of unemployed remains fairly stable at 2.75 million (down 1,200 people). The number of Employed rises to 21.8M…

congreso

In Spain 25th October 2024

Oil companies and financial entities gain support of Junts and PNV to stop Government plans to make extraordinary tax permanent

In light of the evident opposition from PNV and Junts to maintaining the ‘impuestazo’ on energy companies and banks, the First Vice President and Minister of Finance, María Jesús Montero, admitted this Thursday that if the Government does not have ‘sufficient’ support in Congress, it will not be able to continue with these extraordinary taxes approved during the pandemic. Therefore, the ministry is working on reformulating the tax: it wants…

Sanchez

In Spain 24th October 2024

Feijóo formally requests Sánchez’s resignation, ‘the number one of the corrupt plot,’ in light of ‘situation of decay’ surrounding Government

The president of the PP, Alberto Núñez Feijóo, has formally requested this Wednesday in Congress the resignation of the head of the Executive, Pedro Sánchez, asserting that the reasoned exposition from the judge of the National Court confirms that he was ‘the number one of the corrupt plot.’ In his view, they cannot get used to ‘living in this situation of decay of the Presidency of the Government.’ ‘I come…

There have always been two debates about RTVE: financing and the nomination of its board which, in theory, should govern it.

In Spain 23rd October 2024

Sánchez secures total control of Public Television by Royal Decree while talking about democratic regeneration

Pedro Sánchez took a decisive step on Tuesday to ensure control of RTVE by decree with his partners and leaving the PP outside for the next six years, that is, beyond the current legislature. In doing so, Sánchez crosses another line regarding institutions that have always had consensus between the two major parties. Recently it was the Bank of Spain, and now it is RTVE.On Tuesday, the decree was approved…