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Spanish economy 12th March 2024

Construction employers’ association warns that 20% of concession contracts in Spain – bottom in Europe in terms of investment – are not awarded

The Association of Infrastructure Construction and Concession Companies (Seopan) has warned that up to 20.5% of concession contract tenders in Spain, already practically non-existent, remain deserted after no companies bid for them. The document highlights the scant relevance of concessions in Spain, representing only 3.4% of contracting, with an average of 1.9 bidders per contract and 2.2% of contracts not being awarded due to the withdrawal or resignation of the…

GRIFOLS NoticiaAmpliada

Spanish economy 12th March 2024

JPMorgan buys 5.1% of Grifols in midst of controversy over group’s accounts

JPMorgan has entered the capital of the Spanish pharmaceutical company with a 5.185% stake – some €250 million – and has become the company’s most important shareholder after the founding family. The descendants of the group’s founders hold 31% of the capital from four different holdings, controlled by the different branches of the family. According to the records of the National Securities Market Commission (CNMV), the investment bank has acquired…

ACS Vinci

Spanish economy 11th March 2024

ACS wins one of three lots of Vancouver elevated train contract, with investment of close on €2,850 M

Intermoney| ACS (ACS) (Buy, PO 43 €) has been awarded one of the three lots in which the future Vancouver elevated train is divided, an initiative that will mobilise a total investment of C$4,200 million, some €2,850 million, according to Expansión. The Spanish multinational is participating in the project through Dragados, which has teamed up with Lecor, Systra and IBI. ACS won this first bid against the consortium of Acciona,…

Montenegro 1

In Spain 11th March 2024

José Montenegro’s right-wing alliance wins Portugal elections

José Alves (Capital Madrid) | The alliance of parties formed around the Democratic Alliance (AD), José Montenegro’s party, has won the elections held in Portugal this Sunday. He will not, however, be able to form a government unless he accepts the offer of the former ruling Chega party to support him, which does not seem likely if he fulfils his election promise. It will be the President of the Republic,…

Indra Tecnocom

Spanish economy 11th March 2024

Indra to carry out temporary share buyback programme worth €16.5 million from today until 19 April

Link Securities| Indra’s Board of Directors informed the CNMV that it has agreed to carry out a Temporary Share Buyback Programme, with the following characteristics: – The purpose of the Programme is to enable Indra to comply with the obligations to deliver shares to its executives and employees arising from the remuneration system in force. – The Programme will affect a maximum of 854,000 shares, representing 0.48% of the share…

Puigdemont

Spanish Politics 8th March 2024

Sánchez gives in again to Puigdemont and offers total amnesty, “Now, self-determination,” says independence leader

The PSOE has managed to unblock the amnesty law after a road full of obstacles. For the Minister of the Presidency, Félix Bolaños, it is a “source of pride”, but along the way the Socialists have left themselves several wounds in the form of concessions to Junts per Catalunya. It is the price to be paid to breathe life into the legislature that has begun in fits and starts and…

Talgo

Spanish economy 7th March 2024

Government, suspecting Russian interest, to use ‘anti-takeover shield’ to stop Hungarian takeover of Talgo

The Minister of Transport, Óscar Puente, yesterday revealed his intention to do “everything possible” to reject the Hungarian takeover bid for Talgo, and made it clear yesterday that the Government will play the ‘anti-opposition shield’ card to prevent the entry of the Hungarian group Magyar Vagon (Ganz-MaVag) in the train manufacturer Talgo as it doubts the origin of the funds that will finance the operation, valued at more than €600…

Companies restructuring

Spanish economy 7th March 2024

Bankruptcy proceedings up 48% in Spain in first two months of year

Informa D&B| In the first two months of 2024, 1,516 insolvency proceedings and 7,871 dissolutions have been registered in Spain, according to data on insolvency proceedings extracted by INFORMA D&B S.A.U. (S.M.E.), a subsidiary of Cesce. These figures represent an increase of 48% for insolvency proceedings, while dissolutions decreased by 1%. The companies in insolvency proceedings in February had sales of around €666 million and employed 5,300 people. Most of…

Iberdrola edificio

Spanish economy 7th March 2024

Iberdrola to provide green energy to all Alcampo centres in Spain through a PPA

Link Securities | The company announced yesterday that it has teamed up with Alcampo to supply green energy to all hypermarkets and supermarkets in Spain through a long-term power purchase agreement (PPA), according to Europa Press. Specifically, the Spanish energy company will provide the retail giant with 3,740 GWh, equivalent to the consumption of 62,000 Spanish families per year, through several of its photovoltaic installations for eleven years. The energy…

renewables auction

Spanish economy 6th March 2024

Spain: Renewables break record in February, with 61% of electricity mix, and set price per MWh 41% below large European economies

Grupo ASE: Renewables beat the record, with 61.7% of the mix and lowering the price of electricity to 40 €/MWh. Wind has covered 32.2% of the mix, hydro 15.4% and photovoltaic 11.6%, while gas and coal only account for 8.1%. Spanish electricity futures are 15-25% lower than those of the German market, the European benchmark. The daily wholesale market price (POOL) for February was 40.00 €/MWh. This is 46% lower…