Spain’s energy market authorities has published an economic-financial analysis of the energy transport activity which Red Eléctrica carried out during the period 2013-2016. In this report, it has recommended a downwards revision to the financial remuneration rate for electricity transport for the next regulatory period beginning 1 January 2020.
Iberdrola which has 8% of Gamesa’s capital and supported the merger deal with Siemens sealed last year, is uncomfortable with the Siemens management in Gamesa. The merger agreement was subject to some conditions regarding the management and corporate governance of the new Gamesa, which Iberdrola is in the view that could be improved.
Inmobiliaria Colonial announced at the market close on Tuesday that its board and that of the socimi Axiare have approved the merger of both companies. The integration still has to be ratified at the respective shareholder meetings. It will be carried out via a share exchange: 1,8554 shares of Colonial for each share of Axiare.
Iberdrola has exceeded 56% of its share buyback programme by up to 1.543% of its capital, after investing over 3 million euros in its own shares in its last buyback operations, according to a statement from the company lodged with the Stock Market Regulator (CNMV).
The Blackstone Group has bought 16.56% of Hispania for 315,37 million euros from QP Capital Holdings Limited and QPB Holdings, owned by George Soros. It intends to make a full bid for the Spanish socimi.
The share price of Spanish Tubos Reunidos, manufacturer of tubular steel, has accumulated declines of 40% since the auditor’s report from PWC, publised on March 13, said the following: “significant deviations in the key measures and hypothesis of the plan (…) point to a basic uncertainty which may create important doubts about the Group’s capacity for continuing to operate.”
So here is the final chapter in the story of the bid for Abertis: ACS and Atlantia have agreed to share management of the new company they will create to buy Abertis, in which they will each hold a 50% stake. Both companies want to keep the current management team. The chairman will be Spanish and Abertis’ HQ will be in Madrid.
Atlantia and ACS could cease to be rivals in their bid for Abertis and become collaborators in the acquisition. The two companies acknowledged they had had initial talks, as a result of which they would jointly buy Abertis and share out its assets.
Viscofan, the Spanish manufacturer and distributor of casings for meat products, has announced the acquisition of 100% of Transform Pack Inc from a group of private investors and the province of New Brunswick (Canada) for $2 million in cash.
Iberdrola reported net profit of 2.804 billion euros in 2017, up 3.7% from a year earlier. Consolidated EBITDA fell by 7.8% to 7.318 billion euros last year. The results were impacted by the US tax reform and difficult operating conditions in Spain.