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Spanish economy 24th May 2022

Government, Trade Unions Agree On Record Offer Of Public Employment, With Almost 30,000 Vacancies

The Ministry of Finance and Public Administration reached an agreement with the trade unions on Monday to launch the largest public employment offer in the history of the General State Administration, with 29,578 vacancies. As reported by the Independent Trade Union and Civil Servants (CSIF), the General Union of Workers (UGT) and Comisiones Obreras (CC.OO.), the negotiated offer does not include the State Security Forces and Corps, the Armed Forces…

Spanish economy 24th May 2022

ACS, Atlantia may have agreed to inject €10 BN capital into Abertis

Renta 4 | ACS may have reached an agreement with its partner Atlantia to inject capital into Abertis with the aim of making infraestructure acquisitions. According to press reports, the owners of Abertis, ACS (30% direct stake, 20% – 1 share via Hochtief) and Atlantia (50% + 1 share) could have agreed to inject capital in the concessionary in order to make new infrastructure acquisitions. In addition, to extend some…

Spanish economy 23rd May 2022

CaixaBank joins the list of more preferred financial entities for next 3-6 months

Morgan Stanley | Global financial institutions. We revise our order of preference. This list represents the stocks where there is greater conviction at a global level with a time frame of 3-6 months. We periodically revise this list to make it more dynamic and reflect the changes in vision and market conditions. Today we are incorporating Caixabank to that list (we are 10% above consensus and there is a risk…

Spanish economy 23rd May 2022

How Long Will The Economy Hold Out?

J.P. Marín-Arrese | Now that the monetary tables are turning, it is not at all prudent to indulge in overspending. Inflation undoubtedly has a dampening effect by automatically raising fiscal drag while lowering liabilities in real terms. But if the slowdown deepens, the most vulnerable countries could once again come under suspicion. This is a real risk, no matter how much we try to ignore it. In such turbulent times,…

Spanish economy 23rd May 2022

Siemens Energy Launches €4 Billion Bid To Delist Gamesa From The Stock Exchange

Siemens Energy has launched a takeover bid for the 32.9% of Siemens Gamesa’s capital that it does not already own, valued at 4 billion euros. The offer will involve a payment of 18.05 euros per share in cash, less than the 20 euros it paid in February 2020 to Iberdrola for the remaining 8% of the capital. Then the CNMV exempted them from launching a takeover bid for its industrial…

Spanish economy 20th May 2022

Escrivá Forecasts A Rise In Social Security Enrolment In May Of 217,000 Contributors, The Third Best Figure In The Series

The Minister of Inclusion, Social Security and Migration, José Luis Escrivá, announced this Thursday that Social Security enrolment will increase by 217,000 people in May, “the third best figure in the historical series”. At the press conference to report on the fortnightly evolution of Social Security enrolment, Escrivá indicated that, in seasonally adjusted terms, May will see 37,000 more contributors. In his opinion, this data demonstrates the “enormous dynamism” that…

Spanish economy 20th May 2022

Big Spanish constructors team up to bid for Madrid’s City of Justice; a €500 Mn investment

Link Securities | The big Spanish infrastructure groups are forming alliances to make a bid for the only major public works concession planned for this year in Spain, according to Expansion. The Madrid Government is finalising the tender process for the City of Justice, involving an investment of 500 million euros. So ACS and Acciona have decided to join forces for the project, while Sacyr has teamed up with Ferrovial….

Spanish economy 19th May 2022

REPowerEU is more ambitious in renewables capacity, penetration; Iberdrola ToP Pick in integrated firms

Morgan Stanley | The details of REPowerEU are positive for the sector. In this note we analyse the changes to the new plan (the first one was 8 March). The objectives are more ambitious for the capacity and penetration in renewables, particularly in solar. Objectives have also been heightened for energy efficiency and an increase in carbon credits. For the time being it is more a political plan of intentions…

Spanish economy 19th May 2022

BBVA Reaches 86% Of Turkey’s Garanti Following The Takeover Bid

BBVA has reached a stake of 85.97% in its Turkish subsidiary Garanti after the closing of the takeover bid it had launched for the 50.15% of the capital it did not control. The bank, headed by Carlos Torres Vila as chairman, has paid 22,758 million Turkish liras (around 1.410 billion euros at the exchange rate) for the 36.12% it has acquired after the transaction. The payment was made from its…

Spanish economy 19th May 2022

Cellnex most likely candidate to buy Deutsche Telekom’s towers (51%; DT would hold on to a minority stake of 49%)

Norbolsa | The process for the sale of Deutsche Telekom (DT)’s towers was updated ahead of the possibility that Vantage Towers and AMT are excluded before they lodge their bids. The reason behand the recent news has to do with the significant regulatory challenges which both companies would have to face consolidating the towers in the German market. DT owns approximately 50% of the total of towers in Germany, while…