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Vox

In Spain 12th July 2024

Vox breaks with PP and leaves government of five autonomous communities up in the air

Vox, the party led by Santiago Abascal, has carried out its threat: to stop supporting the five autonomous governments in which it participates (Valencia, Extremadura, Murcia, Aragon and Castile and Leon) if the PP accepted, as it has done, the distribution of 110 immigrant minors who will leave the Canary Islands to decongest that Autonomous Community on their way to those five Communities where 11 million citizens, according to Vox,…

enagas logo

Spanish economy 12th July 2024

€1 billion in cash from sale of Tallgrass Energy stake to benefit Enagás’ credit profile

Santander Corporate & Investment | Enagás (Baa2u e, BBB e, BBB e) has announced the sale of its 30.2% stake in Tallgrass Energy to Blackstone for $1.1 billion (equivalent to €1.018 billion). The company noted that the sale is part of the asset rotation programme announced in the 2022-30 Strategic Plan. Enagás will record an accounting loss of €360 million, but also noted that the divestment will have a very…

iberdrola offshore

Spanish economy 11th July 2024

Iberdrola sells lease rights and all developments of Kitty Hawk North offshore wind farm project to Dominion Energy

Link Securities | The company has reached an agreement with Dominion Energy for the sale to this group of part of the assets it is developing in offshore wind power in the US, according to the newspaper Expansión. Specifically, it will transfer the lease rights and all the developments carried out to date in the Kitty Hawk North offshore wind farm project. Iberdrola will keep the adjoining project, Kitty Hawk…

wages

Spanish economy 10th July 2024

OECD warns of loss of wage purchasing power in Spain: 2.5% since 2019

The context of slowing inflation and strong labour markets is allowing real wages to rise in most countries of the Organisation for Economic Co-operation and Development (OECD), which warns that Spain is among those members where wages “have fallen the most since the start of the pandemic”. “Despite positive trends in the labour market, Spain is among the OECD countries where real wages have fallen the most since the start…

SpanishCredit

Spanish economy 10th July 2024

Stock of credit to Spanish resident private sector moderates fall rate

Caixabank Research | Households and corporate debt levels (including debt securities) remain below euro area averages in 4Q23. Both sectors have deleveraged in terms of GDP, reaching levels lowee than pre-pandemic ones. New mortgage production recovers in early 2024 with the change in interest rate expectations. New lending for consumption increases favored by improvements in consumer confidence, and credit for consumer durables, exceeding pre-COVID-19 levels. New lending to corporates grows…

repsolrenovables

Spanish economy 10th July 2024

Repsol hires Freshfields to sell renewables stake to Aramco

Banco Sabadell: According to press reports, Repsol has sold Prejeance Industrial (a French company dedicated to self-consumption) 42 MW in COD and 400 MW under development to Altarea for €140 million. On the other hand, the press also reports that the company has commissioned legal advice on the sale of part of its renewables subsidiary, which is being targeted by the Saudi oil company Aramco, to the law firm Freshfields…

Puig edificio

Spanish economy 9th July 2024

Puig to be listed on Wall Street through ADR programme equivalent to 25 million shares of company’s stock

Norbolsa | Citi, in addition to the company itself, launches an ADR program through which Puig will be listed on Wall Street to satisfy the interest of American investors in the company. The programme is equivalent to 25 million shares of the company. As it is an unsponsored ADR programme, i.e. the company has not been involved in the programme, the company has no additional regulatory needs due to its…

industria 1

Spanish economy 9th July 2024

Industrial production in Spain rises 0.4% year-on-year in May against 0.2% previously

Link Securities | The National Statistics Institute (INE) published that industrial production in Spain fell by 0.1% in May compared to April in seasonally and calendar adjusted data. By sector of activity, in May the production of Energy increased by 1.4% and grew the most, while that of Capital Goods fell the most, by 1.1%. On a year-on-year basis, industrial production, adjusted for seasonal and calendar effects, increased by 0.4%…

Grifols

Spanish economy 9th July 2024

Grifols family and Brookfield considering takeover bid to delist Grifols from stock exchange

Grifols (GRF) informed the National Securities Market Commission (CNMV) yesterday that on 7 July the Board of Directors of GRF, at an extraordinary meeting, received a request from GRF’s family shareholders and Brookfield Capital Partners (UK) Limited to allow access to certain company information in order to carry out a due diligence process in relation to a possible acquisition of GRF shares. The Board was informed that the purpose of…

Iberdrola Guggenheim

Spanish economy 9th July 2024

Iberdrola overtakes historical leader Endesa as largest electricity retailer in Spain, with over 10 million contracts

Link Securities | According to the latest data compiled by the National Markets and Competition Commission (CNMC), Iberdrola is consolidating its position as the largest electricity retailer in Spain by number of customers, taking this position away from Endesa, historically the leading electricity company, according to today’s edition of the Expansión newspaper. Iberdrola managed to remain above ten million contracts with 10,116,303, a market share of 33.33%; while Endesa decreased…