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Egypt’s EFG Hermes in Talks to Buy Stake in Spain’s Ignis

An Egyptian man walks past a branch of the EFG Hermes investment bank in Cairo, Egypt May 29, 2018. REUTERS/Amr Abdallah Dalsh
An Egyptian man walks past a branch of the EFG Hermes investment bank in Cairo, Egypt May 29, 2018. REUTERS/Amr Abdallah Dalsh
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Egypt’s EFG Hermes in Talks to Buy Stake in Spain’s Ignis

An Egyptian man walks past a branch of the EFG Hermes investment bank in Cairo, Egypt May 29, 2018. REUTERS/Amr Abdallah Dalsh
An Egyptian man walks past a branch of the EFG Hermes investment bank in Cairo, Egypt May 29, 2018. REUTERS/Amr Abdallah Dalsh

Cairo-based financial group EFG Hermes (HRHO.CA) is negotiating to buy a stake in privately held Spanish power generation company Ignis Energia, Expansion newspaper said on Thursday.

EFG Hermes would take 45% to 49% of Ignis through a capital increase in a transaction valuing the Spanish firm at about 1 billion euros ($1.16 billion), Expansion reported, citing financial sources.

Spokespeople at Ignis and EFG Hermes did not immediately respond to emails and phone calls seeking comment.

According to Reuters, Ignis operates solar and gas power plants in Spain with a total capacity of 2.9 gigawatts (GW) and has renewable energy projects for a total capacity of 14 GW in the pipeline.

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Turkish Annual Inflation Falls More Than Expected to 44.38%

A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
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Turkish Annual Inflation Falls More Than Expected to 44.38%

A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo

Turkish annual consumer price inflation fell more than expected to 44.38% in December, official data showed on Friday, with education, housing and restaurant prices leading the rise.

Month on month, inflation was 1.03%, the Turkish Statistical Institute said, compared with 2.24% in November. Annual consumer price inflation (CPI) was 47.09% in November.

Furniture prices rose 2.78% from the previous month, data showed, while telecoms-related prices gained by 1.82%.

In a Reuters poll, the annual inflation rate was expected to fall to 45.2%, with the monthly figure seen at 1.61%, owing to easing food price inflation and a limited rise in energy prices.

The latest inflation print was close to the central bank's midpoint prediction of 44% for the end of 2024.

The bank, having kept its main interest rate steady at 50% since March, launched an easing cycle last week, cutting the policy rate by 250 basis points to 47.5%.

The bank said it will set policy "prudently" meeting by meeting with a focus on the inflation outlook while responding to any expected "significant and persistent deterioration".

The Turkish lira was little changed after the data at 35.3850 to the dollar, hovering around the record lows.

The domestic producer price index was up 0.4% month on month in December for an annual rise of 28.52%, the data showed.