Banco Sabadell : In relation to the application for authorisation of the voluntary takeover bid launched by Bondalti Ibérica, S.L. for all the shares of Ercros, filed on 5 March 2024, which was admitted for processing by the National Securities Market Commission (CNMV) on 20 March 2024, it is hereby stated that, as a result of the dividend of €0.096 gross per share paid by Ercros to its shareholders on…
Caixabank Research | Employment is well above pre-pandemic levels. Specifically, in Q1 2024 it is already more than 8% above Q1 2019 records (in National Accounts terms) and double cumulative GDP growth of 3.7%. In contrast, actual hours worked have grown at a slower pace since then, just 1.3%. This has translated into a decline in hours worked per worker (PTETC) of 6.3%. Thus, while productivity per worker has fallen…
Alphavalue / Divacons | The Spanish-British airline confirmed yesterday in a note sent to the Spanish National Securities Market Commission (CNMV) that it has completed the share buyback programme it announced on 1 July. In execution of this programme, the company has acquired a total of 27,064,575 shares, representing 0.5% of IAG’s share capital as of yesterday, said Nicholas Cadbury, chief financial and sustainability officer. The purpose of this programme…
Banco Sabadell: According to press reports, a possible takeover bid for GRF, such as the one being prepared by Brookfield and the Grifols family, will have to obtain government approval. In addition, if approved, it could impose more or less demanding conditions such as no delisting, maintaining the company’s headquarters in Spain, the continuity of investments or the control of dividends. On the other hand, according to other sources, the…
Norbolsa | Repsol’s projects in Bilbao and Cartagena for the production of green hydrogen have captured 39.67% of the European aid awarded by the Spanish Government, within the European Hy2Use programme. In total, the Government has awarded €794 million, of which Repsol has obtained €315 million for projects in Muskiz and Cartagena. Iberdrola will receive €242 millions for Puertollano. EDP €209 million for Los Barrios, Avilés and Teruel, and Endesa…
Santander Corporate & Investment | Enagás (Baa2u e, BBB e, BBB e) has announced the sale of its 30.2% stake in Tallgrass Energy to Blackstone for $1.1 billion (equivalent to €1.018 billion). The company noted that the sale is part of the asset rotation programme announced in the 2022-30 Strategic Plan. Enagás will record an accounting loss of €360 million, but also noted that the divestment will have a very…
Link Securities | The company has reached an agreement with Dominion Energy for the sale to this group of part of the assets it is developing in offshore wind power in the US, according to the newspaper Expansión. Specifically, it will transfer the lease rights and all the developments carried out to date in the Kitty Hawk North offshore wind farm project. Iberdrola will keep the adjoining project, Kitty Hawk…
The context of slowing inflation and strong labour markets is allowing real wages to rise in most countries of the Organisation for Economic Co-operation and Development (OECD), which warns that Spain is among those members where wages “have fallen the most since the start of the pandemic”. “Despite positive trends in the labour market, Spain is among the OECD countries where real wages have fallen the most since the start…
Caixabank Research | Households and corporate debt levels (including debt securities) remain below euro area averages in 4Q23. Both sectors have deleveraged in terms of GDP, reaching levels lowee than pre-pandemic ones. New mortgage production recovers in early 2024 with the change in interest rate expectations. New lending for consumption increases favored by improvements in consumer confidence, and credit for consumer durables, exceeding pre-COVID-19 levels. New lending to corporates grows…
Banco Sabadell: According to press reports, Repsol has sold Prejeance Industrial (a French company dedicated to self-consumption) 42 MW in COD and 400 MW under development to Altarea for €140 million. On the other hand, the press also reports that the company has commissioned legal advice on the sale of part of its renewables subsidiary, which is being targeted by the Saudi oil company Aramco, to the law firm Freshfields…