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Spanish economy 25th June 2024

Activity resumes at Acerinox Algeciras plant after 137-day strike

Bankinter | Acerinox (ACX) resumes activity in Europe. The agreement for the new agreement allows the resumption of activity at the Algeciras Plant, after 137 days of strike. Analysis: The agreement ends the strike that has continued for the last four months, during the negotiation of the Collective Bargaining Agreement. Stainless Steel losses in Europe amounted to €31 million in EBITDA in 1Q2024. The Group obtained an EBITDA of €111…

Spanish economy 25th June 2024

Public enterprise debt 2.8% of GDP at end 2023

CdM | The debt of Spanish public enterprises that do not form part of the general government sector and are therefore not included in the EDP debt stood at 2.8% of GDP at the end of 2023, the same level as the previous year, according to data from the Bank of Spain. In nominal terms, the variation represented an increase of €3 billion, to €40,657.2 million, and was mainly concentrated…

Spanish economy 24th June 2024

Spanish industry invoices 0.5% more in April

According to data from the National Statistics Institute (INE), turnover in the industrial sector grew by 0.5% in the month of April compared to March, in seasonally and calendar-adjusted figures. By economic destination of the goods, sales of Non-durable consumer goods rose by 3.3%, those of Capital goods by 2.2% and those of Durable consumer goods by 1.2%. On the other hand, Energy sales fell by 0.6% and Intermediate goods…

Spanish economy 24th June 2024

Acciona expected to rebound towards at least €140 in coming months

Renta 4: The fall from the highs of 2022 has developed in five bearish waves, stopping at €100, leaving historical oversold readings, as well as significant bullish divergences, typical of a rebound of some importance. We would expect a recovery of at least 38% of the fall, which would coincide with the resistance zone formed by the December highs at €139, levels close to the analysts’ consensus targets. The support…

Spanish economy 21st June 2024

Judge calls for BBVA and former chairman to stand trial for hiring police commissioner to spy on rivals

The National Court judge Manuel García Castellón has proposed to put BBVA and its former president Francisco González on trial for bribery crimes in degree of continuity, in addition to disclosure of secrets, for hiring the police commissioner José Manuel Villarejo to carry out various illegal assignments between 2004 and 2016. In an order of 268 pages, the head of the Central Court of Instruction Number 6 concludes the investigation…

Spanish economy 21st June 2024

CVC Capital Partners, new candidate to buy Indra technology subsidiary Minsait for €1.8 billion

Link Securities | CVC Capital Partners has joined Apax and Bain Capital as a candidate to buy Minsait, Indra’s technology subsidiary, which together could be worth up to €1.8 billion, as reported yesterday by ElConfidencial.com. Cinven has already shown its interest in acquiring the payment media division, a deal that could be worth between €600 and €700 million. According to these sources, these international private equity firms have already officially…

Spanish economy 20th June 2024

Grifols closes sale of 20% of Shanghai RAAS to Haier for $1,800m, capital gain could reach €250m

Bankinter: The capital gain amounts to approximately €250M. The proceeds of this transaction will be used to reduce debt. Grifols and Haier undertake not to transfer SRAAS shares for a period of 3 years. In relation to Grifols Diagnostic Solutions (GDS), in which SRAAS holds a 40% stake and Grifols a 60% stake, provided that Haier holds a 10% stake in SRAAS in 2024-2028, Grifols has committed to (i) achieve…

Spanish economy 20th June 2024

Brussels calls on Spain to “improve the quality, efficiency and equity of public spending” and warns of “delays” in the use of EU funds

Spain has managed to avoid the EU’s excessive deficit procedure by committing to reduce the deficit to 3% this year (compared to a 3.6% public deficit in 2023) but has not been able to avoid the European Commission’s demands for a long list of actions, some of which have already been committed, because “deficit and debt levels remain high, requiring further measures to consolidate the fiscal position and correct risks…

Spanish economy 20th June 2024

CNMC warns government may impose new requirements that comply with law in third phase of analysis of BBVA-Sabadell takeover bid

Norbolsa | The National Markets and Competition Commission (CNMC) warned that the government may impose new requirements that comply with the rules in the third phase of the analysis of the takeover bid. In addition, the chairwoman, Cani Fernández, denied having suffered political pressure in the first weeks of the operation. She was also asked about the SME segment, and the chairwoman recalled that in the Bankia-CaixaBank merger this exposure…

Spanish economy 19th June 2024

CAF to supply Metro Madrid 40 trains for €400 million

Intermoney | CAF (Buy P.O. €42) informed the National Securities Market Commission (CNMV) on Monday that it had reached an agreement with Metro Madrid, for the supply of the first of the two lots that make up the operator’s investment in the renewal and expansion of its fleet. The contract consists of 40 single-voltage gauge trains for lines 6 and 8 of the network and is worth around €400 million….

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