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grifols edificio

Spanish economy 15th November 2024

Brookfield obtains funds to refinance Grifols’ near €10,000 million debt

Bankinter | The Brookfield fund has agreed a syndicated loan for €11,000M with Santander and Deutsche Bank to finance Grifols’ €9,850 million of gross financial debt (and €9,200 million of net debt) Analysis team’s opinion: Positive news that improves the prospects for Brookfield to present the takeover bid for Grifols that it has been studying since July. The funds from the syndicated loan will be used to refinance the current…

Acciona energia guapa

Spanish economy 14th November 2024

Acciona Energía sells 175 MW of hydroelectric power in Spain to ORIX subsidiary Elawan Energy for €293 million

Link Securities | The company announced yesterday the closing of the sale of 175 MW of hydroelectric power in Spain to Elawan Energy, a subsidiary of ORIX Corporation, after complying with the foreign investment condition to which the transaction was subject. Acciona Energy received €293 million for the sale, generating a capital gain of €180 million euros. The 175 MW object of the transaction corresponds to 100% of the Acciona…

bbva sabadell

Spanish economy 13th November 2024

Competition Commission further complicates BBVA’s Sabadell takeover bid, extends it until summer 2025

The National Commission on Markets and Competition (CNMC) has moved BBVA’s takeover bid for Sabadell to Phase 2. The agency will continue analyzing the operation while extending the analysis period by another three months to allow new stakeholders to voice their opinions. The government will now have the authority to demand additional conditions based on the general interest or even veto the merger. This decision comes despite BBVA offering a…

BankinterIn1

Spanish economy 12th November 2024

JPMorgan Chase overtakes Fidelity in Bankinter’s shareholding with emergence of stake of more than 3%

Link Securities | JPMorgan Chase has emerged with a stake of more than 3% in Bankinter, as reflected in the records of the National Securities Market Commission (CNMV). Specifically, the US bank holds a 3.019% stake in the bank, of which 1.947% is a direct holding and another 1.072% through financial instruments.financial instruments. The bank thus surpasses Fidelity, which holds 2.83%, and is slightly below Lazard, with 3.032% of the…

bbva sabadell fusion 2

Spanish economy 12th November 2024

BBVA’s takeover bid limits Banco Sabadell’s potential until outcome known

Bankinter: BBVA’s (BBVA) takeover bid limits Banco Sabadell’s (SAB) potential until the outcome is known, in 1Q2025? Bankinter’s analysis team’s opinion: Sabadell surprises positively in results, with excess capital and an interesting shareholder remuneration plan (€2.9bn in 2024/2025 via dividends and share buybacks). We revise our Target Price to €2.25/share (vs. €2.20/share b.y.), but we maintain our recommendation to Neutral because BBVA’s takeover bid limits Sabadell’s potential until we know…

Banco Santander Fachada 720x320 1

Spanish economy 10th November 2024

Banco Santander reduces stake in Quasar to less than 10%

Alphavalue / Divacons | The US Securities and Exchange Commission launched an investigation into the Cantabrian bank in relation to the unauthorised use of the Whatsapp application among its investment bankers, according to Expansión yesterday. In other news, Banco Santander has reduced its stake in Quasar, the company it created in 2017 to dispose of Banco Popular’s real estate assets after taking over the bank, to below 10%. According to…

Telefonica novisima

Spanish economy 9th November 2024

Telefónica España Filiales and Vodafone ONO create company to commercialise fibre optic network

Link Securities | Telefónica informed the Nattional Securities Market Commission (CNMV) that its subsidiary, S.A.U. has reached an agreement with Vodafone ONO, S.A.U. (Vodafone España) for the establishment of a joint venture company, whose main corporate purpose is the commercialisation of a fibre-to-the-home (FTTH) network for the benefit of its partners, Telefónica España and Vodafone España, so that they can in turn provide retail and wholesale broadband access services. The…

vivienda nueva

Spanish economy 9th November 2024

House sales in Spain increase 12.5% year-on-year, square metre up by 4.2%

Link Securities | According to data published by the General Council of Notaries and reported by the newspaper Expansión, 55,033 home sales and purchases were signed in September, representing an increase of 12.5% year-on-year. By type of property, sales of flats increased by 11.4% in September in year-on-year terms, reaching 41,712 units, while sales of single-family homes increased by 16.2% in year-on-year terms, to 13,321 units. The average price per…

Ferrovial2

Spanish economy 8th November 2024

Ferrovial’s second interim dividend of €0.4597 payable as of 13 December next

Link Securities | With reference to Ferrovial’s second interim dividend of €330 million, the company announces that the interim dividend amounts to €0.4597 per existing Ferrovial share of €0.01 par value. As indicated by Ferrovial in the announcement of 28 October 2024, the dividend will be payable in shares or cash at the option of the company’s shareholders. If no election is made during the relevant period, the stock dividend…

Madrid Stock Exchange revision

Spanish economy 7th November 2024

Cox, former Abengoa, to go public at €10.23 -€11.38 per share on November 14

This will be the second IPO in the Spanish market in 2024. Cox has just published the prospectus for its IPO and will debut on the Continuous Market on November 14. The price range for the Public Subscription Offering (PSO) will be between €10.23 and €11.38 per share. The final price will be set and announced on November 12.With this range, the company’s valuation would be between €837 million and…