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Spanish economy 16th July 2024

Government and banks give Siemens Gamesa boost with €1.2 billion guarantee facility

This Monday, a line of guarantees of €1,200 million has been formalized for the wind power plant builder. The support has been granted by Cesce, in which the State has a 50.25% stake, and six financial institutions, including BBVA and BNP Paribas as structuring banks; and Caixabank, Crédit Agricole, KutxaBank and Santander as members of the banking syndicate. Gamesa will use these funds to back its wind power projects with…

Spanish economy 16th July 2024

Repsol ends Buy-Back Programme after acquiring 35 million shares

Links Securities | Repsol (REP) informs that, following the last of the acquisitions, the company has reached the maximum number of shares to be acquired under the Buy-Back Programme, i.e. 35,000,000 shares (representing approximately 2.87% of Repsol’s share capital prior to the execution of the capital reduction referred to below). As a result of the foregoing, and in accordance with the terms of the aforementioned Buy-Back Programme, the company also…

Spanish economy 15th July 2024

Ercros: Bondalti’s acquisition bid price becomes €3.505/share

Banco Sabadell : In relation to the application for authorisation of the voluntary takeover bid launched by Bondalti Ibérica, S.L. for all the shares of Ercros, filed on 5 March 2024, which was admitted for processing by the National Securities Market Commission (CNMV) on 20 March 2024, it is hereby stated that, as a result of the dividend of €0.096 gross per share paid by Ercros to its shareholders on…

Spanish economy 15th July 2024

Absenteeism continues to rise: 6.3% of hours “worked” are not worked

Caixabank Research | Employment is well above pre-pandemic levels. Specifically, in Q1 2024 it is already more than 8% above Q1 2019 records (in National Accounts terms) and double cumulative GDP growth of 3.7%. In contrast, actual hours worked have grown at a slower pace since then, just 1.3%. This has translated into a decline in hours worked per worker (PTETC) of 6.3%. Thus, while productivity per worker has fallen…

Spanish economy 15th July 2024

IAG closes share buyback programme with acquisition of 27.06 million shares, representing 0.5% of share capital

Alphavalue / Divacons | The Spanish-British airline confirmed yesterday in a note sent to the Spanish National Securities Market Commission (CNMV) that it has completed the share buyback programme it announced on 1 July. In execution of this programme, the company has acquired a total of 27,064,575 shares, representing 0.5% of IAG’s share capital as of yesterday, said Nicholas Cadbury, chief financial and sustainability officer. The purpose of this programme…

Spanish economy 13th July 2024

Government could attach conditions to Brookfield’s takeover bid for Grifols

Banco Sabadell: According to press reports, a possible takeover bid for GRF, such as the one being prepared by Brookfield and the Grifols family, will have to obtain government approval. In addition, if approved, it could impose more or less demanding conditions such as no delisting, maintaining the company’s headquarters in Spain, the continuity of investments or the control of dividends. On the other hand, according to other sources, the…

Spanish economy 13th July 2024

Repsol captures 40% of €794 million in European aid awarded by Spanish government for hydrogen production

Norbolsa | Repsol’s projects in Bilbao and Cartagena for the production of green hydrogen have captured 39.67% of the European aid awarded by the Spanish Government, within the European Hy2Use programme. In total, the Government has awarded €794 million, of which Repsol has obtained €315 million for projects in Muskiz and Cartagena. Iberdrola will receive €242 millions for Puertollano. EDP €209 million for Los Barrios, Avilés and Teruel, and Endesa…

Spanish economy 12th July 2024

€1 billion in cash from sale of Tallgrass Energy stake to benefit Enagás’ credit profile

Santander Corporate & Investment | Enagás (Baa2u e, BBB e, BBB e) has announced the sale of its 30.2% stake in Tallgrass Energy to Blackstone for $1.1 billion (equivalent to €1.018 billion). The company noted that the sale is part of the asset rotation programme announced in the 2022-30 Strategic Plan. Enagás will record an accounting loss of €360 million, but also noted that the divestment will have a very…

Spanish economy 11th July 2024

Iberdrola sells lease rights and all developments of Kitty Hawk North offshore wind farm project to Dominion Energy

Link Securities | The company has reached an agreement with Dominion Energy for the sale to this group of part of the assets it is developing in offshore wind power in the US, according to the newspaper Expansión. Specifically, it will transfer the lease rights and all the developments carried out to date in the Kitty Hawk North offshore wind farm project. Iberdrola will keep the adjoining project, Kitty Hawk…

Spanish economy 10th July 2024

OECD warns of loss of wage purchasing power in Spain: 2.5% since 2019

The context of slowing inflation and strong labour markets is allowing real wages to rise in most countries of the Organisation for Economic Co-operation and Development (OECD), which warns that Spain is among those members where wages “have fallen the most since the start of the pandemic”. “Despite positive trends in the labour market, Spain is among the OECD countries where real wages have fallen the most since the start…

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