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Spanish economy 8th October 2024

Cox, which was awarded the remains of Abengoa, to go public valued at more than €1,000 million

COX, the water and energy treatment facilities services group, will be listed on the Continuous Market and aims to raise €300 million from institutional investors. The Cox group, known for having acquired Abengoa’s assets last year, has announced its intention to list on the continuous market in Spain with a placement of new shares, via a capital increase, with which it intends to raise at least €300 million. Taking into…

Talgo diferente

In Spain 8th October 2024

Basque Government negotiates with Spanish government to acquire stake in Talgo’s share capital

Link Securities | The Government of the Basque Country is negotiating with the Spanish Government its entry into the capital of Talgo (TLGO) to offer a financial solution to the company and safeguard its Spanishness, according to the newspaper elEconomista. However, the Basque government’s offer is subject, as with CriteriaCaixa, to the appearance of an industrial partner capable of offering space to increase production. Although talks are at a preliminary…

banks general

Spanish economy 7th October 2024

Drop in Euribor causes downward revision of expected profits in Spanish banking sector

Morgan Stanley | Our analyst expects the NII of Spanish banks to fall by 0.9% quarter-on-quarter on average due to seasonality, while the growth in deposits will offset lower rates in the short term. He believes that the guidance for 2024 will remain unchanged. Looking ahead to the numbers for 2025/26 and following the downgrade of the sector this week, he reduces the Euribor estimate from 2.5% to 2.25% on…

Madrid stock market

Spanish economy 7th October 2024

Europastry goes public with a valuation of €1.3-1.5 billion

The Spanish frozen dough giant, Europastry, will debut on the stock market on October 10, at a price that is expected to be set tomorrow, with a range between €15.85 and €18.75 per share. This will help boost its growth strategy and reduce debt. After several attempts in the past, the IPO process now includes a Public Offering of new shares (OPS) and a Public Sale Offering (OPV). The valuation…

marca spain

In Spain 5th October 2024

Spain receives 10.9 million international tourists in August (up 7.3%), with total expenditure of €15,336 (up 13%)

Link Securities | The Statistics on Tourist Movements at Borders (FRONTUR), produced by the National Statistics Institute (INE) shows that Spain received 10.9 million international tourists in August, 7.3% more than in the same month of 2023. Over the month, France was the main country of residence for tourists arriving in Spain, with more than 2.1 million tourists and an increase of 8.3% compared to August 2023. From the United…

Sabadell sells toxic assets

Spanish economy 4th October 2024

“We do think Sabadell shareholders value having part of the proposed compensation paid in cash, as protection in the face of potential volatility in BBVA’s share price”

Jefferies | BBVA’s Adjusted Offer to Sabadell: Cash Component Was a Given. The adjusted offer made by BBVA to SAB, including the newly added cash component, comes as no surprise, as it is well in line with the adjustment terms described in the initial offer. We note a delay in the timeline of the deal would mechanically increase the cash proportion of the offer, which would have to reflect all…

bbva sabadell

In Spain 4th October 2024

Banco Sabadell claims that BBVA has worsened the conditions of its takeover bid after making adjustments to the share exchange

On Tuesday, October 1, BBVA announced a change in the share exchange it was offering for Sabadell in the takeover bid it has proposed to acquire the Catalan entity: it changed from offering one new BBVA share for 4.83 Sabadell shares to offering one share of the bank for 5.0196 shares of the Catalan bank and a cash payment of 0.29 euros per share. According to BBVA, this change aligns…

pmi sector manufacturero marzo

Spanish economy 4th October 2024

Spain shows muscle in eurozone and within periphery: only country where manufacturing demand shows no clear signs of weakness

While manufacturing PMIs slump to 45pt (48.8p) in the EZ, with Germany at 42.4 and France at 43.9, Spain unexpectedly rebounds to May highs: up to 53 (50.5 in August). Italy starts to feel the German cold given its industrial links and falls back (48.3, 49.4p). Time will tell how much European slippage the Spanish economy can withstand but for the time being, this geography, and beta (tier 2 names),…

telefonica letrero entrada 1024x648 1

In Spain 3rd October 2024

Telefónica and Inveready compete to purchase Avatel for around €700 million

The sale of Avatel, a key operator in medium-sized towns, is moving forward with fewer candidates on the table. The entry of a majority partner in the company, which originated on the Costa del Sol, is currently being decided between Telefónica and the Spanish management firm Inveready. The number of contenders has decreased following the withdrawal of three international funds that were invited to participate in the process: PAI Partners,…

employment office

In Spain 3rd October 2024

Number of unemployed rises by 3,170 in September, below historical average

Bankinter : The number of unemployed increased by 3,170 people in September (after going up 21,884 in August and with 12,000 expected). The number of unemployed now stands at 2.58M (up 0.1% month-on-month and down 5.4% year-on-year). Seasonally adjusted Social Security enrolled increased to 21.2m (22,220 workers, up 0.1% month-on-month and 2.3% year-on-year). Opinion of Bankinter’s analysis team: The number of unemployed increased below expectations in September, and below its…