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Talgo diferente

Spanish economy 23rd April 2024

Securities Market Commission accepts Magyar Vagon’s takeover bid for Talgo

Renta 4| The National Securities Market Commission (CNMV) has announced that it has admitted Magyar Vagon’s takeover bid for Talgo (TLGO) as it considers that the prospectus and other documents submitted comply with the provisions. At the same time, it indicates that this does not imply a pronouncement regarding the authorisation of the takeover bid, a circumstance on which it must pronounce in accordance with the deadlines and other requirements…

enagas logo

Spanish economy 23rd April 2024

ENAGAS increases 1Q24 profit by 19%

Total demand for natural gas fell by -4.0% in 1Q2024 compared to the same period in 2023. But the company’s total revenues as of 31 March 2024 remained the same as in 1Q23: €220.5 million. EBITDA at 31 March 2024 stood at €178.3 million, 2.7% higher than in 1Q2023 and on track to meet ENG’s annual target of €750 – 760 million. EBIT decreased by 3.1% year-on-year in 1Q2024 to…

Spanish public debt

Spanish economy 23rd April 2024

Public debt rises by €19.549 billion to €1.6 trillion in February

The debt of public administrations as a whole rose by €19,549 million in February compared with the previous month (+1.2%), reaching €1,602,662 million, a new record high, according to data published yesterday, Monday, by the Bank of Spain. This rise means that the debt of public administrations exceeds the barrier of €1.6 trillion for the first time in history, above the record reached in January of €1.583 trillion. In the…

Spanish banks

Spanish economy 23rd April 2024

House sales up 5.8% in February, breaking 12 months of declines

CdM| Home sales and purchases break the streak of 12 months of consecutive falls. In February, a total of 52,796 transactions were registered, representing a year-on-year growth of 5.8%, according to data from the National Statistics Institute (INE). Of the dwellings transferred by sale and purchase in February, 21.8% were new and 78.2% were used. The number of transactions on new homes increased by 20.8% compared to February 2023, which…

nhhotelgroup

Spanish economy 22nd April 2024

NH Hotels renamed Minor Hotels, brand name remains

Alphavalue / Divacons | The hotel chain’s General Shareholders’ Meeting held last Friday in Madrid agreed to change its corporate name to Minor Hotels Europe & Americas, stating that it is “a business decision that will allow the company to be recognised worldwide under a single corporate name by its different stakeholders”. However, the brand name will not disappear. NH Hotels & Resorts, NH Collection Hotels & Resorts and nhow…

ERTES extension

Spanish economy 22nd April 2024

Congress of Deputies to debate Sumar’s proposal for trade unions to join boards of directors

The Congress Labour Committee will debate this Tuesday the proposal of Sumar, the party led by the vice-president and Minister of Labour, Yolanda Díaz, to include workers, their representatives and trade union organisations on the boards of directors of companies and business groups, with the aim of promoting a “more democratic functioning of companies”. Yolanda Díaz, a Communist Party activist, says she wants to take an example from the co-determination…

Naturgy edificio 640x420

Spanish economy 22nd April 2024

TAQA would have to negotiate Naturgy’s credits with banks because part of debt subject to change of control clause

Link Securities| Most of Naturgy’s debt, which is around €12,000 million, is subject to a clause relating to the change of control, either by acquiring more than 50% of the voting shares or by obtaining the right to appoint the majority of the members of the Board of Directors of Naturgy, according to Expansión. According to the newspaper, Abu Dhabi-based energy company TAQA, which is finalising its takeover bid for…

Puig

Spanish economy 19th April 2024

Puig Brands (Carolina Herrera, Paco Rabanne, Jean Paul Gaultier…) to go public on May 3, with valuation over €12.7 billion

Puig Brands – the group that owns Carolina Herrera, Paco Rabanne, Jean Paul Gaultier, Nina Ricci and Charlotte Tilbury – will go public on 3 May at a price of between €22 and €24.5 per share. That means a valuation of between €12.7 and €13.9 billion. And although it has not yet approved a shareholder remuneration policy, it says it expects to pay out 40% of its profits in dividends….

Bankinter

Spanish economy 19th April 2024

Bankinter: 1Q24 First Take – Slight beat versus consensus, NII dynamics supportive

Jefferies Equity Research| 4% PBT beat versus consensus in 1Q 24, driven by better income and costs, only offset by a small miss on impairments. The print confirms NII trends are still positive (up 1% quarter-on-quarter), despite flat growth, but margin dynamics proving supportive (cost of deposits only up 3bp quarter-on-quarter, likely at peak). Costs were 3% lighter than consensus and trending better than the LSD-MSD year-on-year growth guidance provided…

ferrocarril uruguay sacyr

Spanish economy 18th April 2024

Sacyr inaugurates Uruguay Central Railway after investment of €915 M

The President of Uruguay, Luis Lacalle Pou, together with other government and business authorities, has inaugurated the Ferrocarril Central de Uruguay project, a railway corridor linking the city of Paso de los Toros, in the centre of the country, with the port of Montevideo, built by the Grupo Vía Central consortium, led by Sacyr (SCYR) Concesiones. The new line has an extension of 265 kilometres and required the laying of…