The MásMóvil takeover bid, at 11.17 euros per share (with a 27% premium over the last six months of trading) was announced on March 28. It involves the payment of almost 2 billion euros, as it is a full cash transaction. The success of the takeover bid – conditional on 75% of capital – seems guaranteed, as 52% of Euskaltel’s capital has already expressed its intention of accepting the offer.
This approval will allow Spain to receive as early as next month, after Ecofin’s approval, 9 billion euros as an advance on the 69.5 billion requested. (The rest of the NGEU funds allocated to Spain, up to 140 billion euros, are loans and have not been considered for the time being).According to Brussels’ calculations, Spain should receive another 10 billion euros before end-2021, although this delivery will be subject to the fulfilment of almost fifty objectives. After that, Spain will be able to release new tranches every six months, as it meets a series of targets agreed with the European Commission.
The pandemic has added pressure on the spending of the Autonomous Communities, which represents a third of the public spending of all administrations. Around 68% of this expenditure borne by the regions goes on basic social services: health (37%), education (24.5%) and social protection (6.5%), affected both by the current health crisis and by the long-term impact of the progressive ageing of the population on spending and the low birth rate on income. A study by Funcas outlines a possible scenario for regional social spending and identifies the headings that will be under the greatest upward pressure in the coming years.
Spain paid an average of 88.47 euros/megawatt hour on Monday, close to the highest price of the year during the winter storm Filomena. With momentary peaks of up to 95 euros per megawatt hour. The same price was paid in Portugal – which is part of the so-called “Iberian Electricity Market” – but there the final price is lower because it applies 6% VAT, compared to 21% in Spain. In…
According to data from the Bank of Spain (BdE) released on Friday, the debt of Spanish public administrations as a whole rose in Q1’21 to 1.392,733 trillion euros, a record high. This figure represents 125.3% ofof Spain’s Gross Domestic Product (GDP). In the last year, public debt has increased by 168.213 billion euros, which represents an increase of 13.7%. It should be recalled that at the end of 2020 this…
Barcelona-based electric car charger maker Wallbox will go public on the New York Stock Exchange through a special purpose acquisition company (SPAC) after reaching an agreement with Kensington Capital Acquisition Corp. II. The implied pro forma value of Wallbox as a result of the business combination is $1.5 billion, about €1.2 billion. In a statement, Wallbox said the deal will raise $330 M of financing (around 271 miilion euros) for them, including a fully underwritten private investment of $100 M (over 582 million euros).
This week Naturgy has become the first company to inject renewable landfill gas into Spain’s gas distribution network. The renewable gas plant, located in Parc de l’Alba in Cerdanyola del Vallés (Barcelona) next to the Elena waste dump, represented an investment of 2.2 million euros. The plant will produce 12 GWh/year of biomethane, equivalent to the annual consumption of 3,200 households. In addition, it will prevent the emission of 2,400…
Renta4 | The European Commission is preparing a legislative package (12 proposals) for July, which includes the revision of the Renewables and Energy Efficiency directives, and through which it plans to raise the renewables target to 40% by 2030, compared to the current 32%. Renta4’s analysis team’s opinion: The increase in Renewables and Energy Efficiency targets to 2030 could be good news for those countries whose targets are below that…
Yesterday, Wednesday, the European Commission gave Spain a two-month ultimatum to reduce the “excessive” delays in payments by autonomous communities and municipalities to their private sector suppliers to avoid the matter ending up in the EU Court of Justice. Spain’s public administrations owed their suppliers over 83.35 billion euros at end-2020, according to data from the Bank of Spain. The debt – which is equivalent to the transfers Spain expects…
Inditex earned 421 million euros in the first quarter of its fiscal year (1 February to 30 April) compared to a loss of 409 million euros a year earlier. The company’s sales were 4.942 billion euros, up 50% from 3.303 billion euros in the first quarter of 2020. Online sales at constant exchange rates grew by 67%. Key figures compared to Bloomberg consensus: Sales €4.942bn (+49.6%) vs €4.880bn (+47.7%) expected….