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.
Spain’s Competition Authorities will decide tomorrow whether it will authorise ACS’s bid for Abertis (Atlantia’s offer is already approved). There is also the question of what will happen to Hispasat, a strategic asset for Spain, in which Abertis holds 91%.
“The MAB doesn’t function in Spain at the moment and it needs to. If not, Spain will be left behind. I don’t know whether we should join forces with other markets, or if the ICO should distribute part of its investment to venture capital funds specialised in these kind of companies, or whether the adminstrative procedures should be cheaper and simpler.”
Sacyr announced yesterday that it will pay a scrip dividend, so that shareholders can choose between a cash payment of €0,052 per share or receive one new share for every 48 currently available.
After the market’s close yesterday, NH Hoteles sent a statement to the Stock Market Regulator (CNMV) in which it informed of the board’s unanimous decision to reject the merger proposal made by Barceló on November 20.
According to a statement lodged with Spain’s Stock Market Regulator (CNMV), Gas Natural has completed the first stage of the sale of 59.1% of its stake in its Colombian affiliate Gas Natural SA ESP.
The effective launch of the bids for Abertis will be delayed 2-3 months if the CNMV revokes authorisation for Atlantia’s offer and it has to seek prior government approval.
Hotel chain Barceló has proposed a merger deal with NH Hoteles whereby it would own 60% of the new group. The tie-up of the two chains would create a sector leader in Spain and the third biggest hotel chain in Europe.
Hochtief has launched a €18.76 cash or share offer on Abertis, raising speculation around a potential price war between Atlantia and Hochtief.
ACS has launched a competing bid for Abertis, via Hochtief, at €18,76 per share. It fits in with our forecast scenario that ACS would offer a higher price than Atlantia (€16,50/share, combining cash and shares which cannot be sold before February 15 2019) in its counter-bid for the Spanish concessionaire.