This week, the Ibex 34 closed at 11,777.3 points. NH Hoteles will enter the IBEX-35 on August 17 replacing Arcelor. NH Hotels, based in Madrid, operates 240 hotels in 16 countries throughout Europe, Latin America and Africa.
short term and given the low volume usually found in the summer months, I still think the stock may fall a bit more with an initial target of 11,600 points for the IBEX.
Regarding the bid for Metrovacesa, Sacresa had already launched a bid for 20% of the company to 78.1 euros supply has improved to 26% for 90 euros. The CNMV will decide in September whether to accept the offer or not. The market thinks they will not accept it (now is at 70.6 Metrovacesa euros). The CNVM and rejected a similar offer for less than a month. What does seem clear is that Sacresa has no intention of withdrawing from the takeover war.
Moreover, Rivera continues his bid for 26% of the company at 80 euros a share. It seems that it will not have problems Rivero to continue as president of the company because the courts have rejected the request for suspension of the tender offer by Sacresa. The analyst recommends buying a few shares (not more than 100) to go to the takeover and win the price differential.
As for recommendations, I like for the long term Telefonica (12.95), Altadis (37.35) where there are still rumors of takeovers and Prisa (12.66) that has been hard hit in the last session.
Other interesting options which I recently castigadaa are Repsol (21.99) that would have to wait and see if it exceeds 22.50-23 to signal strength, Sogecable (25.17) with a clear objective of 28 euros, but could return at 20 if you re having problems with television rights and Ferrovial (60.65) punished for the London event this week as contralateral Ferrovial BAA is the company responsible for the airports in London. Actions
not recommend are, though Iberia is cheap, the problems that may continue in the future. The increasingly expensive oil, drivers increasingly want more rubble, the low cost airlines competing with it, fear new attacks, etc. Also do not recommend Endesa (26.55). The highest bid is the EON to 25.1 and I think the thing can stretch much, and people do not like waiting (eg 77.50 Metrovacesa reached the same bid now and is now 70.6). Conclusion
, you can go public (although I would expect an adjustment of up to 11,600 points IBEX) but still very selective.
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