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Spanish economy

Grifols becomes second largest shareholder of Chinese Shanghai RAAS

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,…

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…

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…

banks general

Spanish economy 6th March 2024

Spain: Corporate loans at 4.9% and deposits at 3.6%

The ECB published January bank lending rates the day before yesterday, with a slight fall of -1bp to 5.1% in new corporate loans (third consecutive month of declines) and -13bp to 3.9% in new loans to households (for the second consecutive month). Among the major European economies, Spanish and French corporate loans lead the January tightening (-11bp to 4.9% and -5bp to 4.8% respectively), in contrast to the 12bp widening…

MUJERES CEO 768x442 1

Spanish economy 6th March 2024

More female chairwomen and board members in listed companies

F.R.| Women are gaining weight in the positions of chairwomen and CEOs of listed companies, although maintaining limited power quotas with respect to men. According to the report Women on boards and beyond 2023, prepared by the index manager MSCI and the consulting firm Clarity on the 2,400 stocks from 49 countries that make up the MSCI ACWI Index, women ended 2023 as chairwomen of 9.1% of boards and CEOS…

Spains productivity

Spanish economy 5th March 2024

Spanish government to create National Productivity Council to address challenge of increasing this indicator

Banca March: Economic growth, salaries and fiscal policy are some of the issues addressed by Spain’s Minister of Economy. As Carlos Cuerpo said, the ministry is comfortable with the GDP growth forecast of 2% for 2024, above the estimates of other international institutions – IMF (1.5%), Eurostat (1.7%), OECD (1.5%) -. On the other hand, he explained that, in order to tackle the challenge of increasing productivity, a National Productivity…