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Spanish economy 17th June 2024

Council of Ministers unconditionally authorises Bondalti’s takeover bid for Ercros

Link Securities | In relation to the application for authorisation of the voluntary takeover bid launched by Bondalti (the Bidder) for all the shares of Ercros (ECR), filed and published on 5 March 2024, which was admitted for processing by the National Securities Market Commission (CNMV) on 20 March 2024, Ercros hereby states that the Council of Ministers resolved, at its meeting of 11 June 2024, following a favourable report…

Spanish economy 16th June 2024

Traffic in airports of Aena network grows by +11% up to May, accumulating almost 115m passengers

Intermoney | Aena released the traffic data for May on Wednesday, with the market open. Both the cumulative and the rolling month figures were up +11% year-on-year to almost 115m passengers so far in 2024, implying a +14% growth compared to pre-pandemic levels. All the relevant airports reported increases, although the difference between, on the one hand, Madrid Barajas and Barcelona El Prat, with increases in May of 7-9%, and,…

Spanish economy 14th June 2024

Colonial gives CriteriaCaixa largest stake in its shareholding through €622 million capital increase

Link Securities | The REIT approved yesterday at the General Shareholders’ Meeting the entry of CriteriaCaixa in its capital through a capital increase of €622 million, Expansión reports. Pere Viñolas, CEO of Colonial, told shareholders that the company’s indebtedness will be consolidated at the levels achieved with this capital injection (leverage of 36.3% vs. 39.9% previously), while he expects earnings per share and the dividend to grow. With this capital…

Spanish economy 14th June 2024

Seat boss quits chairmanship of automobile employers’ association due to government’s lack of commitment to electric cars: “They are not up to the task”

Wayne Griffiths, president of Cupra and Seat, has resigned as president of the car manufacturers’ association (ANFAC). He was already on the verge of resigning at the end of last year and stayed on because he wanted to give President Sánchez another chance. The resignation presented this Thursday was communicated to the board of directors five minutes before the meeting began. A body that has endorsed his decision. “It is…

Spanish economy 13th June 2024

Spain becomes eurozone country with highest poverty risk for first time

Macroeconomic data continue to surprise on the upside, but there is no trace of euphoria among the population. GDP growth and record employment are overshadowed by the inflationary crisis, job insecurity and rising tax burdens. Household finances are not keeping pace with GDP and what is happening is that the number of families struggling to make ends meet has increased New data from the Arope indicator (risk of poverty or…

Spanish economy 13th June 2024

Spain: Inflation rises to 3.6% in May

The Consumer Price Index (CPI) rose by 0.3% in May compared with the previous month and raised its year-on-year rate by three tenths to 3.6%, its highest level since April 2023, due to the increase in electricity prices following the rise in VAT on electricity and to the fact that fuel prices fell less than a year earlier, according to the final data published on Thursday by the National Statistics…

Spanish economy 13th June 2024

Repsol to supply renewable electricity to Microsoft for six contracts with total installed capacity of 230 MW

Link Securities | Repsol (REP) will supply renewable electricity to Microsoft after reaching an agreement for a total of six long-term virtual power purchase agreements (VPPAs), the company announced on Tuesday. These 12-year supply agreements are linked to three wind farms and three solar plants in Spain with a total installed capacity of 230 MW that will be operational by December 2025. This transaction is in addition to the existing…

Spanish economy 12th June 2024

BBVA’s Sabadell takeover bid admitted for processing: CNMC authorisation could be toughest stage

Norbolsa | The National Securities Market Commission (CNMV) admitted BBVA’s (BBVA) bid for Banco Sabadell (SAB) for processing on Tuesday. The takeover bid launched by the group was presented on 24 May. The regulator clarifies that it is only conditional on the ECB, which could lead it to make a decision before having the conditions of the National Markets and Competition Commission (CNMC). In this respect, the competition authorisation seems…

Spanish economy 12th June 2024

Labour costs per hour worked in Spain grew by 4.5% annually in 1Q24 and wage costs by 4.2%

Link Securities | The National Statistics Institute (INE) published yesterday that the labour cost per hour worked measured by the Harmonised Labour Cost Index (HLCI), keeping the structure by branch of activity constant, increased by 4.5% in 1Q2024 compared to 1Q2023, in seasonally and calendar-adjusted figures. In unadjusted data, the year-on-year variation in the hourly cost was 7.5%. In turn, wage costs grew 4.2% year-on-year in 1Q2024 in seasonally and…

Spanish economy 12th June 2024

El Corte Inglés earns €480 million in its best year since 2009

El Corte Inglés, the large Spanish department store chain, achieved its best ordinary results since 2009, thanks to the strength of retail and Travel & Insurance, which recorded the best year in its history. The company reached €16,333 million in revenues at the end of its financial year (29 February), 5.4% more than the previous year, and reduced financial debt to its lowest level in 16 years, at €2,059 million,…

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