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Madrid stock market

Spanish economy 23rd September 2021

Out of Spanish Listed Companies 29.6% Have A Single Controlling Shareholder

Fernando Rodríguez | Of the 125 Spanish listed companies which submitted the Annual Corporate Governance Report (IAGC) for the 2020 financial year, 29.6% have in their shareholding an individual, natural or legal person, who holds the majority of voting rights. This person “exercised or could exercise control,” according to the ad hoc report published by the Spanish National Securities Market Commission (CNMV). The report flags that amongst 64% of the…

Santander consumer bank

Spanish economy 24th August 2021

Santander Buys 20% Of Santander Consumer USA For $2.48 billion

Banco Santander has reached an agreement to buy the 20% it did not control of Santander Consumer USA at a price of 41.50 dollars per share in cash (its initial proposal was 39 dollars), a premium of 14% over the closing price on 1 July, the day before the announcement of its first offer, made through its US holding company SHUSA, which will finally pay 2.48 billion dollars (about 2.1…

Repsol's bet on alternative energies

Spanish economy 7th July 2021

Bank Of Montreal Has A 3.4% Stake In Repsol

Bank of Montreal informed the CNMV on Monday that it holds a total of 3.467% of the voting rights of Repsol (REP). However, it does not specify whether this is in its own name or in the name of third parties, nor the average acquisition price. This stake would make it the fifth largest shareholder after Sacyr, with 8.2%, JP Morgan with 6.8%, BlackRock with 5% and Amundi with 4.5%….

Abengoa mas

Spanish economy 23rd June 2021

Abengoa, In The Hands Of The Judge

Abengoa has informed the Comisión Nacional del Mercado de Valores (CNMV) that Ernst & Young has requested the 3rd section of the Commercial Court of Seville to suspend the powers of the board of directors. E&Y, at the request of the judge, is in charge of the bankruptcy administration of the company (with more than 5 billion in debt). In addition, E&Y – the insolvency administration – has requested that…

wallbox

Spanish economy 14th June 2021

Spanish Startup Wallbox Will Be Listed On NYSE Through A SPAC And With A Valuation Of €1.2 Bn

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).

Acciona

Spanish economy 9th June 2021

Acciona Energia Starts Marketing Its IPO

The CNMV has approved the prospectus for the partial placement of Acciona Energia. The placement syndicate starts marketing the IPO this week. The transaction is aimed at institutional investors. The Spanish multinational expects to place around 25% of capital (30% if the green shoe is added). Acciona will significantly reduce corporate debt after the capitalisation of intra-group loans. Acciona Energía is born with an installed capacity of 11,000 MW and…

stock markets 777x400 1

Spanish economy 7th June 2021

The Government, Good Governance And The Indra Case

Fernando González Urbaneja | The government’s contempt for the forms and procedures it imposes on other market players is insulting. And what is the CNMV doing?
The government, the Moncloa, has imposed a change in the chairmanship of INDRA, a listed company in which the state controls 19%, without explanation or justification…

Spanish economy general

Spanish economy 18th May 2021

Spanish Fixed Income From Large Issuers Maintains Its Rating Despite The Pandemic

Fernando Rodríguez | 96.3% of the outstanding volume of Spanish fixed income with rating – 1.76 trillion euros – was Investment Grade, BBB or higher – at the end of 2020. This is only three tenths of a percentage point lower than in March of the same year, according to a study included in the CNMV Bulletin for the first quarter of this year, published recently. The supervisor’s study concludes…

spain ecommerce

Spanish economy 17th May 2021

18 Projects To Launch The Spanish Sandbox

T.C. | Of the 67 projects submitted in the first call for proposals for the Spanish sandbox – the testing ground for financial innovation – 18, one in four, have received the green light. Spain wants to promote the digital transformation of the financial system with a testing environment, allowing trials to be carried out without the rigid regulatory restrictions. But with strict supervision by the Bank of Spain, the…