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masmovil

Spanish economy 29th March 2021

Masmovil Launches Friendly Takeover Bid For 100% Of Euskaltel At €11.17/Share (16.5% Premium)

Intermoney | A statement sent yesterday to the CNMV announced the friendly takeover bid launched by Masmóvil for 100% of Euskaltel’s capital for an amount of €1,995 Mn, equivalent to a price of €11.17/share in cash. The offer price represents a premium of 16.5% over Friday’s closing price, +25.1% over the average price of the last month and +26.8% over the average price of the last six months. Considering the offer already has the support of 52% of the capital, we recommend to accept the tender offer.

new caixabank

Spanish economy 26th March 2021

The Merger Of Bankia And Caixabank Already Legal; It Revalues The State’s Stake In Bankia By €1.6 Bn

On Monday 29 March, the newly issued shares of Bankia will be integrated into the CaixaBank stock in the Ibex 35 and Ibex 35 Banks index. At the press conference held to mark the registration of the new bank in the Business Registry, Goirigolzarri stated that the state’s stake in Bankia through the Fund for Orderly Bank Restructuring (FROB) has increased by around €1.6 billion since the merger with CaixaBank was announced last September. 

spain red light

Spanish economy 26th March 2021

Fine Tuning Of Spain’s 2020 GDP: Finally Fell By 10.8%

According to new indicators not available at the beginning of the year, the Spanish economy recorded a decline of 10.8% in 2020, a figure that improves by 0,2% that previously forecast by the National Statistics Institute. On a yoy basis, GDP in the Q4 contracted by 8.9% (-9.1% in the preliminary data). There have been more surprises: quarterly growth between July-September was 17.1%, which means 0,7% higher than estimated, while in the fourth quarter the economy did not grow (0.0%) despite the fact that initial forecasts pointed to a rise of 0.4%.

Renaulution

Spanish economy 25th March 2021

Spain, “The Second Home” Of Renault, To Lead The Hybrid Cars Segment In Europe

Renault has announced the production of five new vehicles at its three factories in Spain until 2024, at an event held at the company’s plant in Palencia, which was attended by King Felipe VI and the President Pedro Sánchez. The CEO of the multinational, Luca de Meo, has stated that the company’s factories in the country will be leaders in Europe in the production of hybrid cars.

SAREB LEAFLET

Spanish economy 25th March 2021

Spain Will Include Sareb’s Liabilities In The Total Public Debt, Which Will Rise To 120% Of GDP

Public debt could rise to 120% of GDP in 2020, due to a reclassification of €35 billion of the Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (SAREB), the so-called “bad bank” in Spain, reports Expansión. In fact, Eurostat has forced Spain to digest the 35 billion of debt. With this accounting change, the level of Public Debt over GDP, which increased by more than 20 points over 2020 to 117% (1,311,298 M€) from 95.5% in 2019, would rise by about 3 additional points to 120%.

IAG on the air

Ibex, Spanish economy 24th March 2021

IAG Signs A Three-Year $1.8 Bn Credit Line To Boost Liquidity

IAG Group announced on Tuesday that it has signed a revolving credit facility with a syndicate of banks for an available amount of $1.755 billion. The facility will be in operation for a period of three years plus two one-year extension terms at the convenience of the lenders. The credit line is available to the Aer Lingus group airlines, British Airways and Iberia, each of which has a separate borrowing limit within the overall credit facility. IAG continues to have a strong liquidity position, with an estimated total of €10.3 Bn at March 31.

benidorm beach

Spanish economy 23rd March 2021

Spain Aspires to Recover 40 M International Tourists This Year

Spain’s government is confident that it can recover around 40 M international tourists this year, half the level recorded in 2019, when almost 84 M foreign tourists were counted. In this recovery, the health passport prepared by the EU for the summer will be a key factor. In fact, the tourism sector expects to recover around 7.5 M foreign visitors once the passport comes into force, which, added to the 19 million that arrived in Spain in 2020, leave the figures still far from those forecasts of 40M.

Enagas

Spanish economy 22nd March 2021

Endesa, Enagás And Mapfre, The Spanish Firms With Highest Dividend Yield, Says Spanish Consumers’ Organisation

Endesa, Enagás and Mapfre are the three Spanish companies that offer the highest dividend yield, 9.7%, 9.5% and 7.5%, respectively. According to the analysis prepared by the Organization of Consumers and Users (OCU), and reported by the Europa Press agency, these three companies are followed by Red Eléctrica, Naturgy and Zardoya-Otis, with a yield of over 5%.

Abengoa anticipates tripling its billing in 10 years

Spanish economy, Spanish Small & Mid Caps 22nd March 2021

Abengoa’s Desperate Situation Or How To Remove The Wreckage Of A Company

Abengoa would have demanded the Solvency Support Fund for Strategic Companies from the Spanish government, a tool designed to help companies affected by the pandemic, for the rescue of its company Abenewco 1, to which it transferred the most valuable assets and activities of the broken parent company.  The group would try to preserve these assets and to keep operating a subsidiary in which almost 13,000 employees are still working.