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Spain Business Brief - Friday November 21 2008
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By h.b. - Nov 21, 2008 - 12:39 PM
Zapatero gives the nod to Russian Lukoil purchasing shares in Spanish Repsol YPF.
Despite the comments made earlier by his Industry Minister, Miguel Sebastián, the Spanish Prime Minister, José Luis Rodríguez Zaptero, on Thursday left the door open for Russian investment in the Spanish petrol giant Repsol YPF.
Zapatero said it was good that Repsol was Spanish, but noted that Lukoil was a private company which had as its largest shareholder 20% from a United States company, Conoco Philips.
Lukoil has expressed its wish to take a 32.5% share in Repsol, including the 20% currently up for sale from the construction company Sacyr Vallehermoso.
La Caixa savings bank has also confirmed that it is in talks with Lukoil to sell its 12.5% shareholding in Repsol, but has conditioned the deal on a previous agreement for the sale of the Sacyr shares to Lukoil. It means the Russian company could take control of the Spanish multinational.
Zapatero said the cabinet would be ‘watching to see that things were done well and favourably for the strategic interests of Spain’.
The opposition Partido Popular has said the sale should not happen and have criticised what they see as the ‘passivity’ of the Government.
Meanwhile the shares in the companies concerned have been rallying on the Madrid Stock Market today, with Sacyr up 8.97%, Criteria Caixacorp 7.73%, and Repsol YPF 6.76%. The market was up at mid-trading by more than 2%.
Zapatero has also commented that debt in Spain could go over the recommended 3% of G.D.P. to as much as 4.2%. The Spanish Prime Minister said that would be a ‘reasonable’ number. He made the comments despite the known resistance to the high debt from both his Finance Minister, Pedro Solbes, and the Governor of the Bank of Spain, Miguel Ángel Fernández Ordóñez. Zapatero says that spending on public investment is the best way out of the crisis and to create employment.
Airbus is to stop production of pieces for the A380 super jumbo at its plants in Spain. Three factories here currently produce part of the tail of the jet and employ some 3,000 workers. 455 workers are to be temporarily laid off at the Spanish factories in Getafe, Puerto Real and Toledo, which will be closed between December 1 and 23, but workers will be kept on up to 98% pay.
The ministerial order which will regulate the backing given to banks and savings banks will be published tomorrow, Saturday. Those banks which do not pay their responsibilities to the state will apparently be intervened, following an agreement on the matter between the Government and opposition P.P.
At the first state auction to give more liquidity to the banks yesterday, only 2.115 of the total 5 billion available were taken up. None of the big banks asked for help, but it was granted to 23 other financial entities.
Spanish tax officials, Hacienda, say they want to investigate all banking operations of 3,000 € and more. Currently in Spain the banks only have to identify the names involved in operations with cheques over 3,000 € and cash of 100,000 €. Talks are underway with banks and savings banks to see if the new system can be introduced on Jan 1 2010.
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Spain Business Brief - Friday November 21 2008
larger | smaller
By h.b. - Nov 21, 2008 - 12:39 PM
Lukoil Logo - Photo EFE
Despite the comments made earlier by his Industry Minister, Miguel Sebastián, the Spanish Prime Minister, José Luis Rodríguez Zaptero, on Thursday left the door open for Russian investment in the Spanish petrol giant Repsol YPF.
Zapatero said it was good that Repsol was Spanish, but noted that Lukoil was a private company which had as its largest shareholder 20% from a United States company, Conoco Philips.
Lukoil has expressed its wish to take a 32.5% share in Repsol, including the 20% currently up for sale from the construction company Sacyr Vallehermoso.
La Caixa savings bank has also confirmed that it is in talks with Lukoil to sell its 12.5% shareholding in Repsol, but has conditioned the deal on a previous agreement for the sale of the Sacyr shares to Lukoil. It means the Russian company could take control of the Spanish multinational.
Zapatero said the cabinet would be ‘watching to see that things were done well and favourably for the strategic interests of Spain’.
The opposition Partido Popular has said the sale should not happen and have criticised what they see as the ‘passivity’ of the Government.
Meanwhile the shares in the companies concerned have been rallying on the Madrid Stock Market today, with Sacyr up 8.97%, Criteria Caixacorp 7.73%, and Repsol YPF 6.76%. The market was up at mid-trading by more than 2%.
Zapatero has also commented that debt in Spain could go over the recommended 3% of G.D.P. to as much as 4.2%. The Spanish Prime Minister said that would be a ‘reasonable’ number. He made the comments despite the known resistance to the high debt from both his Finance Minister, Pedro Solbes, and the Governor of the Bank of Spain, Miguel Ángel Fernández Ordóñez. Zapatero says that spending on public investment is the best way out of the crisis and to create employment.
Airbus is to stop production of pieces for the A380 super jumbo at its plants in Spain. Three factories here currently produce part of the tail of the jet and employ some 3,000 workers. 455 workers are to be temporarily laid off at the Spanish factories in Getafe, Puerto Real and Toledo, which will be closed between December 1 and 23, but workers will be kept on up to 98% pay.
The ministerial order which will regulate the backing given to banks and savings banks will be published tomorrow, Saturday. Those banks which do not pay their responsibilities to the state will apparently be intervened, following an agreement on the matter between the Government and opposition P.P.
At the first state auction to give more liquidity to the banks yesterday, only 2.115 of the total 5 billion available were taken up. None of the big banks asked for help, but it was granted to 23 other financial entities.
Spanish tax officials, Hacienda, say they want to investigate all banking operations of 3,000 € and more. Currently in Spain the banks only have to identify the names involved in operations with cheques over 3,000 € and cash of 100,000 €. Talks are underway with banks and savings banks to see if the new system can be introduced on Jan 1 2010.
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