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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.

investment funds general

Spanish economy 3rd March 2021

Only 8 Spanish Funds Would Have Liquidity Problems In The Event Of A ‘Major Shock’

Spanish mutual funds has a high degree of liquidity, says the CNMV after analyzing the mutual funds in a statistical exercise that puts these in a potential scenario of “large-scale shock” and with a “very low probability of occurrence” to see what could happen in the event of participants requesting massive redemptions for a crisis such as the Covid19 one . The exercise shows that only eight Spanish mutual funds could present problems. The total number of existing mutual funds is 2,700 according to the latest report by Pablo Fernandez (IESE).

woman BoD

Ibex, Markets, Spanish economy 2nd March 2021

Parity Target Accomplished In The Ibex35 With 31.2% Of Women On Boards Of Directors

The IBEX-35 companies have registered a historic milestone by finally reaching the 30% target set by the CNMV recommendation for 2020, according to the latest edition of the report ‘Women on the Boards of listed companies’, prepared annually by ATREVIA and IESE. The presence of women in the index grew 3.9 percentage points, to occupy 31.2% of the seats. This progress, however, has not been able to compensate for the sluggish growth of the rest of the continuous market, which only advanced 2 points (22.9%) last year.

Spanish households stock investment

Spanish economy 18th February 2021

Spain’s Major Listed Companies To Ask Urgent Legislation For Virtual Shareholders’ Meetings

Fernando Rodríguez | The season of annual shareholders’ meetings is just around the corner and Spain’s major listed companies are urging the Government to legislate with the utmost urgency so that they can hold virtual shareholders’ meetings with full legal coverage. “We don’t have the leeway we had last year, which was justified by the Covid19 pandemic, and there is a risk that the decisions made at the meetings could be challenged,” sources close to this initiative, which is supported by at least forty companies, told Consenso del Mercado.

Tubacex's record orders

Spanish economy 12th February 2021

The “Reddit Effect” Replicated In The Spanish Stock Market

The social network Telegram has been crowded with groups to buy and sell shares in a coordinated way imitating the actions of US Reddit forum to boost the stock price of GameStop. The Tubacex case, a steel pipe manufacturing company, has been the first target of a group of imitators in Spain known in Telegram as “Spanish WS Bets.” After that move, the company soared 15% in the stock market an caught the attention of the National Securities Market Commission.

Bankinter

I.R. Spain 30th November 2020

Bankinter And Red Eléctrica Española Won The Main Proxinvest European Awards On Governance

Fernando Rodriguez | An independent jury selected the companies with best practices in two areas: Corporate Governance and Remuneration. Corporance nominated several Spanish companies for each category, after analysing over 50 meetings in the 2020 season. Both European awards went to Spanish companies: Bankinter won the “General Shareholders’ Meeting 2020” prize and Red Eléctrica Corporación won the “Quality of Remuneration Information” prize.

JPrietook

I.R. Spain 13th November 2020

“Spain Needs a Little Push to a More Activist Mindset”

Fernando Rodriguez | The Corner interviews Juan Prieto, CEO of the Spanish Proxy advisor Corporance Asesores de Voto. “Corporance is the first Spanish proxy advisor, committed to help institutional investors comply with their voting and engagement responsibilities in our market, under SRD II.” he says

okBBB

I.R. Spain, Spanish economy 12th November 2020

Quarterly Earnings Reporting And The Encouragement Of Long-Term Shareholder Engagement

Francisco Blanco Bermúdez* | The transposition into Spanish law of EU Directive 2017/828, dealing with the encouragement of long-term shareholder engagement in listed companies, and some other related proposals will imply some changes to Spanish legislation. For example, the striking proposal that will mean that listed companies will be free to publish or not publish financial information on quarterly results.

CaixaBankia

Ibex, Markets, Spanish economy 18th September 2020

Green Light For The Largest Bank In Spain: Caixabank Will Hold 74,2%, Bankia 25%; The State To Retain 16%

Last night the boards of Bankia and Caixabank approved its merger. The operation, which will retain the CaixaBank brand, is structured as a merger of Bankia into CaixaBank. The combined entity’s total assets will exceed €664 Bn, a volume that will make it the largest bank in the domestic market, with an important position at a European level and a market capitalisation of over €16 billion. The management aims at a target of 770M euros of cost savings and revenue synergies of €290M.