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Spanish economy

spains economy

Spanish economy 2nd July 2024

General Council of Economists raises growth forecast for this year 2/10 of a percentage point to 2.4%

The General Council of Economists (CGE) has revised upwards its growth forecast for the Spanish economy. It now expects Gross Domestic Product (GDP) to grow by 2.4% in 2024, which is two tenths of a percentage point higher than its previous forecast. The good performance of private consumption, the recovery in investment and, above all, the good performance of exports and especially tourism have been the main drivers of Spain’s…

telefonica logo nuevo

Spanish economy 2nd July 2024

Telefónica and Nokia to jointly develop and deploy 5G private networks in Spanish companies

Alphavalue / Divacons | Telefónica and Nokia have signed a three-year strategic agreement to accelerate the development and deployment of private 5G networks in Spanish companies, the operator led by José María Álvarez-Pallete said in a statement. According to Telefónica, the aim of this agreement is to help industry evolve to a 4.0 model and accelerate the digital transformation of companies “in a simple and agile way”. This alliance for…

Ferrovial

Spanish economy 2nd July 2024

Ferrovial sells remaining 25% stake in Serveo and leaves services in Spain

Ferrovial has sold its remaining 24.78% stake in Serveo, its former services unit, to the Portobello fund – which in 2022 had already bought the other 75% for €220 million – making the Spanish management company the sole shareholder with 100% of the shares. With this transaction, FER completes its exit from the services business in Spain, as part of its strategy to focus on its core business, the development…

creditspain

Spanish economy 2nd July 2024

Lending to Spanish companies continues to fall

The indebtedness of non-financial companies is below €920 billion, the lowest level since September 2020. Specifically, Spanish companies accumulated debts of €918,500 million at the end of May, a reduction of €8,000 million with respect to the same month of the previous year, 0.8% less. To find a similar level, one has to go back to September 2020. Companies are just under €46 billion short of the €872.575 billion of…

Repsol novedad

Spanish economy 1st July 2024

Repsol reportedly negotiating merger of its North Sea exploration and production business with Neo Energy

Renta 4 | According to press reports, the company is negotiating the merger of its exploration and production business in the North Sea with Neo Energy, creating a business that would reach 130 kboe/d, increasing its production by 90 kboe/d (+15%), which would make it one of the largest producers in the area. In addition, according to other media, Repsol could also be in negotiations to sell a minority stake…

Aena nuevita

Spanish economy 1st July 2024

Aena approves new airport incentive to increase air traffic and promote freighter routes and frequencies

Alphavalue / Divacons | The company has approved a new incentive aimed at encouraging air freight traffic and boosting the scheduling of routes and frequencies for cargo aircraft by airlines. The incentive consists of a rebate on each carrier’s average landing fee for inbound operations during the 12-month period compared to the previous 12 months, operated with wide-body freighter aircraft. The incentive will be in force for three years, from…

ercros

Spanish economy 28th June 2024

Esseco Industrial launches takeover bid for Ercros at €3.84/share

Link Securities| In a Significant Event sent to the National Securities Market Commission (CNMV), the Italian company Esseco Industrial S.p.A. has decided to launch a public, voluntary and competing tender offer (Tender Offer) for the acquisition of all the shares into which the share capital of Ercros (ECR) is divided. The Offer is aimed at the entire share capital of Ercros, represented by 91,436,199 shares with a par value of…

Talgo diferente

Spanish economy 28th June 2024

Talgo highlights company’s international projection outside takeover bid: most revenues will be international in coming years

Alphavalue/DIVACONS | Talgo (TLGO) held its General Shareholders’ Meeting on Thursday. Talgo’s president, Carlos de Palacio, acknowledged the need to strengthen the train manufacturer’s industrial area in order to avoid further delays in deliveries and to be able to face with guarantees a record order book of over €4 billion. Talgo’s president also highlighted the company’ s international projection outside of the takeover bid, assuring that in the coming years…

grifols edificio

Spanish economy 28th June 2024

Moody’s cuts Grifols’ debt rating to B3 from B2, Fitch maintains B+ rating

Bankinter : Moody’s decision is motivated by “weak” liquidity, high leverage (6.8x EBITDA despite the recent sale of 20% of Shanghai RAAS), corporate governance with a “complex and opaque organisational structure”, highlighting the linked operations between Grifols, Scranton, Haema and BPC, and “slower than expected” free cash flow generation. In contrast, Fitch maintained its rating at B+ and upgraded the outlook from negative to stable. Assessment: News with a negative…

Rising house prices is a common phenomenon in many countries

Spanish economy 28th June 2024

Cinven buys real estate portal Idealista for €2.9 billion

The British asset manager Cinven will buy the Spanish real estate portal, in a transaction that values the company at €2.9 billion, making it the largest acquisition in the history of an online company closed in Spain. The price at which the transaction has been finally closed implies multiplying by 2.2 the valuation of Idealista when the Swedish fund EQT took control of the company in September 2020, for €1.3…