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Air Europa

Spanish economy 19th June 2024

IAG offers to sell 52% of Air Europa’s routes to competition in order to take over company

IAG’s latest proposal to take over Air Europa, submitted to the European Commission on 10 June, has increased from 40% to 52% the Air Europa capacity it would cede to other airlines (remedies) to meet the requirements of the Directorate General for Competition. The increased remedies package is the final one before the verdict of the EU authorities. It is a response to the objections report delivered by the Directorate…

iberdrolacocheelectrico

Spanish economy 19th June 2024

Iberdrola and Eroski to install 1,000 electric vehicle charging points at 300 of group’s sites

Link Securities | As reported by the Bolsamania.com portal, Iberdrola (IBE) and Eroski have reached an agreement to install 1,000 charging points of different power ratings for electric vehicles at around 300 of the distribution group’s sites in 11 autonomous communities over the next three years. The new facilities will use 100% green energy, from renewable sources with a guarantee of origin certificate, and will save 30,000 tonnes of CO2…

bbva sabadell

Spanish economy 18th June 2024

ISS proxy recommends BBVA’s international funds vote in favour of capital increase required for Sabadell takeover bid

Norbolsa | Proxy ISS has recommended that large international funds to vote in favour of the capital increase that will be needed to execute the transaction. These investors include Black Rock with 5.91%, Capital Group with 5.02%, Varguard 4.95%, Norges 3.13%, JP Morgan 1.42% and Goldman Sachs with 1.35%. The meeting will be held on 5 July and will decide on the issue of 1.13 billion shares. ISS believes the…

criteria

Spanish economy 18th June 2024

Criteria Caixa’s new strategic plan aims to raise rate of return on assets from 3% to 8%

In recent weeks CriteriaCaixa, the investment arm of la Caixa, has entered Puig, ACS and Colonial, increased its stake in Telefónica and exited Cellnex, while awaiting the outcome of Naturgy. These corporate operations are a sign of the change of cycle in which CriteruaCaixa is immersed, which yesterday presented its strategic plan until 2030. Its main objectives are to increase the gross value of its assets by 48% to 40,000…

exports spanish2

Spanish economy 18th June 2024

Spanish exports fall 3.5% in last year

The trade deficit reached €12,760.9 million in the first four months of the year, an increase of 16.7% compared to the same period last year, despite the fact that exports in this period recorded the second best figure in the historical series, with €127,420 million, although they fell by 3.5% in the last year, as reported on Monday by the Ministry of Economy, Trade and Enterprise. Imports totalled €140,181 million…

ferrovial aeropuertoheathrow

Spanish economy 17th June 2024

Ferrovial finally sells 20% of Heathrow to PIF and Ardian funds for around €2.01 billion

Intermoney | Ferrovial (Hold, PO 32) announced last Friday, before the market close, that the Group, together with other Heathrow shareholders (accompanying shareholders), has reached an agreement to sell part of its stakes to the PIF and Ardian funds. Specifically, these two entities will acquire 37% of the London airport in exchange for £3,259 million, or some €3,880 million. Ferrovial will thus sell almost 20% of Heathrow’s capital for around…

Bank of spain new

Spanish economy 17th June 2024

Spanish public debt sets new record: 1.613 trillion (109% of GDP)

The Bank of Spain (BdE) reported on Friday that the debt of all public administrations in Spain rose in 1Q2024 to 109% of the country’s Gross Domestic Product (GDP), 1.3 percentage points above the close of 2023, while the amount of Spanish public debt set a new record at €1.613 trillion, with record indebtedness of the State and the autonomous regions. The Bank of Spain, which thus confirmed the 1Q2024…

ercros

Spanish economy 17th June 2024

Council of Ministers unconditionally authorises Bondalti’s takeover bid for Ercros

Link Securities | In relation to the application for authorisation of the voluntary takeover bid launched by Bondalti (the Bidder) for all the shares of Ercros (ECR), filed and published on 5 March 2024, which was admitted for processing by the National Securities Market Commission (CNMV) on 20 March 2024, Ercros hereby states that the Council of Ministers resolved, at its meeting of 11 June 2024, following a favourable report…

Aena nuevita

Spanish economy 16th June 2024

Traffic in airports of Aena network grows by +11% up to May, accumulating almost 115m passengers

Intermoney | Aena released the traffic data for May on Wednesday, with the market open. Both the cumulative and the rolling month figures were up +11% year-on-year to almost 115m passengers so far in 2024, implying a +14% growth compared to pre-pandemic levels. All the relevant airports reported increases, although the difference between, on the one hand, Madrid Barajas and Barcelona El Prat, with increases in May of 7-9%, and,…

colonial

Spanish economy 14th June 2024

Colonial gives CriteriaCaixa largest stake in its shareholding through €622 million capital increase

Link Securities | The REIT approved yesterday at the General Shareholders’ Meeting the entry of CriteriaCaixa in its capital through a capital increase of €622 million, Expansión reports. Pere Viñolas, CEO of Colonial, told shareholders that the company’s indebtedness will be consolidated at the levels achieved with this capital injection (leverage of 36.3% vs. 39.9% previously), while he expects earnings per share and the dividend to grow. With this capital…