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The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

Companies 28th November 2025

OHLA’s EBITDA grows 30% to €113 million, driven by margins in Construction division

Intermoney | 9M25 results – EBITDA is up 30% in line with Intermoney’s estimate. OHLA (OHLA) (Buy, Target Price €0.70) announced its results for September 2025 on Thursday after the market closed, without holding a conference call on this occasion. Revenues fell slightly by 2% to €2.571 billion, very much in line with our forecasts (2%), while EBITDA (up 30% to €113 million) also differed little from our estimate (€114…

Companies 28th November 2025

Repsol reportedly negotiating with TotalEnergies to create largest upstream platform in UK to generate €862m+ synergies

Banco Sabadell | According to press reports, Repsol is in talks with TotalEnergies to create the largest upstream platform in the North Sea, integrating assets in UK waters. The operation would be structured through Neo Next, the joint venture between Repsol (45%) and Neo Energy (55%), in which TotalEnergies would take a minority stake. The aim is to increase production capacity and generate synergies of more than $1 billion (€862…

European economy, In Europe 28th November 2025

Eurozone confidence indicators improve in November, except for industry

Singular Bank | According to the European Commission, in the final reading for November, the Eurozone Economic Sentiment Indicator (ESI) rose slightly by 0.2 points to 97.0 points. This development was driven by a notable increase in confidence in the services, construction and retail sectors. In contrast, there was a notable decline in economic sentiment in the industrial sector. Meanwhile, employment expectations in the European monetary bloc rebounded to 97.8…

Markets 28th November 2025

Christmas sales season begins with Black Friday, followed by Cyber Monday, which will shed light on evolution of private consumption

Renta 4 | After a session with almost no movement yesterday in Europe, today we are back on track with Wall Street (which will only open for half a session after yesterday’s Thanksgiving closure). We would also like to remind you that today marks the start of the Christmas sales season with Black Friday, followed by Cyber Monday on Monday, which will shed light on the evolution of American private…

In Spain 28th November 2025

Transition ministry accepts CNMC’s proposal on distribution networks, but calls for improvements to remuneration rate

Banco Sabadell | According to press reports, yesterday the Council of State opened the public hearing period (until next Monday) for submitting comments on the National Commission on Markets and Competition’s (CNMC) proposals on the methodology for calculating distribution remuneration and the financial remuneration rate for distribution and transmission networks. On the other hand, the Ministry for Ecological Transition has backed the CNMC’s proposal to raise the financial remuneration rate…

Companies 28th November 2025

IAG opposes £49 billion third runway for Heathrow, fearing sharp increase in fees

Norbolsa | The British government has approved Heathrow’s expansion plan to build a third runway valued at £49 billion. The project, which involves moving a section of the M25 motorway, demolishing 700 homes and meeting complex environmental requirements, aims to increase capacity to 150 million passengers by 2035. The investment has been opposed by IAG, the airport’s main operator, which fears a sharp increase in fees and questions the economic…

Companies, Relevant News Item 28th November 2025

Deutsche Boerse launches Takeover Bid for Allfunds, valuing it at €5,351 Million

Bankinter | The main conditions of the transaction are: A valuation of €5,351 million, which implies a price of €8.80 per share (a premium of 32% versus the closing price on Nov 27). The transaction will be settled 50% in cash and 50% in shares. The company has not announced the number of new shares it will issue. However, taking into account the average valuation over the last 10 days,…

In Spain 28th November 2025

Government Fails to Approve Deficit Path and Will Have to Continue in 2026 with 2023’s Budget

This Thursday, Congress rejected the stability path (which includes deficit limits for Public Administrations) proposed by the Government until 2028. This defeat was expected in Moncloa (the seat of government). However, it casts bad omens over the future of the General State Budgets (PGE), turning them, in fact—as El Español points out—into a chimera. Junts, the parliamentary group of the fugitive Puigdemont, followed through on its threat after breaking with…

In Europe 27th November 2025

German consumer confidence improves in December: Gfk confidence index rises to -23.2 points from previous month’s -24.1

Norbolsa | German consumer confidence improved slightly in December, as households became more willing to spend money ahead of the Christmas season, although less optimistic income prospects are preventing a stronger recovery. The consumer confidence index published by Gfk rose to -23.2 points in December from -24.1 points the previous month, in line with expectations.

Companies, Relevant News Item 27th November 2025

CNMV authorises Neinor’s first takeover bid for Aedas at €21.33 per share

Bankinter | The National Securities Market Commission (CNMV) has approved Neinor’s voluntary takeover bid for Aedas at a price of €21.335 per share, although this is conditional on the price having been agreed in advance with Aedas’ main shareholder (Castlelake, 79% of the capital). If 50% of the minority shareholders do not accept the offer, a mandatory takeover bid will have to be launched. Neinor has already announced that this…

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