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Spanish economy 4th April 2022

ACS will `propose to its board a new share issue of up to €600 M for a dividend payment which could reach 2 euros/share

Intermoney | On Thursdsay after the market’s close, ACS (ACS) (Buy, Target Price 40 euros) registered its forthcoming AGM announcement with the CNMV. The meeting will take place on May 6 at second call. Whatsmore, the construction firm also made public its board’s proposals, which envisage an issue of new shares worth up to 600 million euros. This is a traditional move to make a dividend payment, and the capital…

Spanish economy 1st April 2022

Turkey Gives The Green Light To BBVA’s Takeover Bid For 50.15% Of Garanti

Turkey’s securities supervisor (Capital Markets Board) has authorised BBVA’s takeover bid for the 50.15% it does not own in Turkish subsidiary Garanti, the bank has informed the National Securities Market Commission (CNMV). The offer will begin on 4 April and end on 29 April. BBVA, which owns 49.85% of Garanti’s capital, announced the takeover bid in November last year. It made the offer at 12.20 Turkish liras per share, with…

Spanish economy 1st April 2022

Finance Ministry Optimistic… With The Highest Public Deficit In Europe (6.9%)

Fernando González Urbaneja | The Finance Minister, always cheerful and confident, has presented the budget execution for 2021 with her usual optimism. The deficit stands at 6.9%, three points less than the previous year, a point and a half less than the government’s forecast. The minister gives herself a good mark, a top A, and the media receive the data with not a little optimism, 28% less than the previous…

Spanish economy 1st April 2022

Grifols shares rose 10% amid rumours of a possible bid from Private Equity firms

Renta 4 | According to website Betaville, there would be some Private Equity groups interested in acquiring the Spanish pharmaceutical firm. On Wednesday afternoon, Class A shares in Grifols (GRF) but especially those of Class B, plus the ADRs rose sharply (up to 10%). That said, the ADR ended up losing almost half of the gains. Behind the surge in the share price was the fact that Betaville suggested that…

Spanish economy 31st March 2022

Brussels Pressures Spain To Decouple Pensions From The CPI

Brussels’ concern about the unsustainability of Spain’s pension reform is growing. This comes amidst spiralling inflation and at a time when it has to validate Minister Escrivá’s reform to authorise the transfer of 12 billion euros from the second tranche of the Recovery Plan. The government has yet to ask the European Commission for the payment of the second tranche of the Recovery Plan, the largest, almost 12 billion euros….

Spanish economy 31st March 2022

And Is It Possible To Decouple The CPI (9.8%)?

Fernando González Urbaneja | The CPI for March (+3%), which raises the year-on-year rate to 9.8%, is an outstanding fact, a major one, enough to stop the machines and turn to Saint Ignatius and his existential questions: where are we and where are we going? The cold data, released by the INE, coincides with the presentation in Congress of the urgent shock measures adapted by the government to deal with…

Spanish economy 30th March 2022

Merlin Properties opens the door to a downwards revision of its targets for 2022 in the event the war in the Ukraine drags on

Renta 4 | During the Iberian Reit event held yesterday, D. Ismael Clemente (CEO of Merlin Properties) opened the door to a downwards revision of 2022 targets in the event the war in the Ukraine drags on. In this respect, although he believes that 2022 will be a positive year for the company, the increased growth expected for this year could be delayed until 2023 or 2024. That said, for…

Spanish economy 30th March 2022

The Average Spanish Mortgage: 141,000 Euros, 24 Years And 70% At A Fixed Rate (2.69%)

The number of mortgages taken out on homes increased by 29.4% last January compared with the same month of 2021, to 36,185 loans. However, despite exceeding the figure of a year earlier, the volume of homes mortgaged in January this year has remained below the more than 40,000 that were signed in January 2020, before the pandemic. According to data released on Monday by the National Institute of Statistics (INE),…

Spanish economy 29th March 2022

Sánchez Puts The Cost Of The War Response Plan To Be Approved By The Government Tuesday At 16 Billion Euros

Prime Minister Pedro Sánchez yesterday outlined the main lines of the Shock War Response Plan to be approved today by the Council of Ministers. The plan contains measures until 30 June aimed at cushioning the impact of the crisis on families and businesses. The plan is worth 16 billion euros: 6 billion euros in direct aid and tax reductions, and 10 billion in ICO credits. It has five main pillars:…

Spanish economy 28th March 2022

Enagas will sell its 45.4% stake in Chile’s GNL Quintero for €601 M

Bankinter | GNL Quintero is a Chilean company which owns a terminal for the reception, unloading, storing and regasificationof Liquified Natural Gas (LNG), located in the region of Valparaíso in Chile. The Spanish firm, via its affiliate Enagas Chile, and OMERS Infrastructure have reached an agreement to jointly sell off their respective stakes, which total 80%, in the Chilean company to the consortium formed by EIG and Fluxys. For its…

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