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Spanish economy 19th May 2025

CNMV admits Inocsa’s takeover bid for 100% of Grupo Catalana Occidente shares to be processed

Link Securities | The National Securities Market Commission (CNMV) has adopted on 16 May 2025 the resolution to admit for processing the voluntary takeover bid for 100% of the shares of Grupo Catalana Occidente (GCO), considering that the prospectus and other documents presented, after the complementary documentation registered on 7/05/2025, are in accordance with the provisions of the regulation. The admission of the aforementioned application for processing does not imply…

Spanish economy 19th May 2025

Aena passenger numbers accelerate to 6.3% in April, 5.2% increase accumulated so far this year

Bankinter | Passenger numbers accelerate to 6.3% in April (year-on-year) compared to 4.2% previously, supported by the ‘Easter effect’. Aena airports recorded 27.2 million passengers in April. This represents an increase of 6.3% year-on-year, compared to 4.2% in the previous month. This brings the cumulative increase for the year to date to 5.2%, compared to 4.7% previously. Bankinter analysis team’s opinion: Good news for Aena. Airport traffic continues to break…

Spanish economy 16th May 2025

Basque consortium postpones entry into Talgo by one month to unblock financing of €116 million fine imposed by Renfe

Renta 4 | According to press reports, the Basque consortium formed by Sidenor, the Basque government and the BBK and Vital foundations has not formalised its entry into Talgo’s capital within the deadline set, opening a one-month extension to close the deal. The main problem is obtaining financing to structure the operation since Renfe imposed a €116 million fine on Talgo for delays in the delivery of AVRIL trains. The…

Spanish economy 16th May 2025

‘Creditors’ contests grow by 12% up to April

According to the monitoring of insolvency proceedings published in the Official State Gazette (BOE) carried out by Iberinform, the business fabric registered a year-on-year decrease of -3.5% in business insolvencies in April. For the year as a whole, they accumulate an increase of 12% compared to the same period in 2024. A creditors’ contest is a judicial procedure designed to manage and administer the assets of a company that cannot…

Spanish economy 16th May 2025

Spain’s final April CPI confirmed at 2.2% year-on-year, 1/10 less than March, underlying rate at 2.4%

Bankinter | The final CPI for April confirms 2.2% year-on-year, one tenth below the previous month. The underlying rate confirms the rise to 2.4% year-on-year from 2.0% previously. In month-on-month terms, the general rate rose 0.6% (versus 0.1% previously) and the underlying rate rose 1.0% (versus 0.4% previously). Analysis team opinion: Moderate fuel and electricity prices contributed to the moderation of the overall CPI in April. However, the core rate…

Spanish economy 14th May 2025

Ferrovial revenues up 10% in Q1 2025 to over €2.05 billion for Construction

Intermoney | Ferrovial (Hold, PO 39) announced its results for March 25 yesterday after the close of the New York market, holding a conference call today at 3 p.m. The main figures from the results, together with our estimates, are shown in the attached table. Overall, EBITDA rose by 22% to €309 million in Q1 2025, compared to Intermoney’s estimate of 24%, confirming the improvements in margins in construction, combined…

Spanish economy 14th May 2025

Naturgy to issue two series of bonds with maturities of 6 and 10 years for €1 billion

Link Securities | Naturgy (NTGY) agreed on Monday to issue two series of senior unsecured fixed-rate bonds maturing in 6 and 10 years, respectively, under its €12 billion Euro Medium Term Note Programme. The 6-year bond, maturing on 21 May 2031, has a fixed annual coupon of 3.375% and a principal amount of €500 million. The 10-year bond, maturing on 21 May 2035, has a fixed annual coupon of 3.875%…

Spanish economy 13th May 2025

Absenteeism continues to rise: 7.4% of working hours lost

While the government approves a reduction of the working week from 40 to 37.5 hours by decree, the absenteeism rate in Spain has not stopped increasing since the end of the pandemic. It rose to 7.4% in the fourth quarter of 2024, which is two tenths of a percentage point higher than in the same period of the previous year, while absenteeism due to Temporary Disability (IT) has already reached…

Spanish economy 12th May 2025

Spain appeals to US Supreme Court to avoid €358 million arbitration award

Spain has filed an appeal with the US Supreme Court claiming sovereign immunity to avoid paying three arbitration awards totaling €358 million in favor of NextEra, 9Ren, and Blasket, stemming from the cuts in subsidies for renewable energy projects between 2010 and 2013. In the document, dated May 1st and accessed by the newspaper Expansión, Spain requests that the court annul the judgment issued in August 2024 by the Court…

Spanish economy 9th May 2025

Iberdrola to halve investment in renewables next year to focus efforts on networks

Banco Sabadell | According to press reports, Iberdrola will halve its investment in renewable energy next year, from around €8 billion to €4/€5 billion per year. Iberdrola has decided to continue rebalancing its investment effort towards networks and reduce its investment in renewables, where it will invest selectively. Thus, between 2024 and 2026, the investment forecast for networks amounts to €21.5 billion. Of the €15.5 billion it will invest in…

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