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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…

Banco Santander office

Spanish economy 29th October 2024

Santander reports 3Q24 attributable profit of €3,250m, 4% above company-compiled consensus

Iñigo Vega (Jefferies) | Santander 3Q24 First Look – Solid Dynamics Despite Still Ongoing Neg. Argentine Impact A 4% beat at bottom line, again impacted by negative adjustments in relation to Argentina. Ex-Argentina, net income was a 7% beat (5% beat at PBT). Revenue dynamics trending in line, with strong trading and other income and NII in line. Across the Group, better OpEx and CoR dynamics. Beats coming from key…

telefonica letrero entrada 1024x648 1

Spanish economy 29th October 2024

Spain to authorise Saudi Arabia’s 10% stake in Telefónica, valued at €2.3 billion

Banco Sabadell : The Ministry of Defence will unblock the purchase of 9.9% of TEF by STC (it already holds 4.9% directly). Thus, according to this information, in the next few days the Government will approve the acquisition of this stake, valued at ~2,300 M euros. Assessment: Expected news, no impact. Other shareholders are: SEPI (10%), Criteria (9.99%), BBVA (4.94%), Vanguard (3.56%).