0988633992

Spanish Stocks Rise, Led by Iberia and Gamesa; PSI-20 Advances
nhi 0988633992 SG
By Sharon Smyth
Nov. 22 (Bloomberg) -- Spanish stocks rose, paced by Iberia Lineas Aereas de Espana SA. Airline stocks gained across Europe after Qantas Airways Ltd. received a takeover approach from Macquarie Bank Ltd. and Texas Pacific Group.
Gamesa Corporacion Tecnologica SA also advanced after Danish rival Vestas Wind Systems A/S said third-quarter profit increased 13 percent and forecast higher earnings for the next two years.
The IBEX 35 Index climbed 0.7 percent to 14,329.20 as of 10:27 a.m. in Madrid as 28 stocks rose, six fell and one was unchanged. Portugal's PSI-20 Index added 0.1 percent to 10,642.74.
Iberia, Spain's largest airline, gained 5 cents, or 1.9 percent, to 2.65 euros. Qantas, Australia's biggest airline, said it's received a takeover approach from Macquarie Bank and Texas Pacific Group, sparking an 18 percent gain in its shares.
Gamesa, Spain's largest wind-turbine maker, advanced 83 cents, or 4.3 percent, to 20.16 euros. Vestas, the world's largest maker of wind turbines, said third-quarter net income rose to 18 million euros from 16 million euros a year earlier.
The company also forecast that revenue will increase 22 percent to about 4.5 billion euros ($5.8 billion) in 2007 from an estimated 3.7 billion euros this year because of higher demand for wind power. Vestas had 3.58 billion euros in sales last year.
Galp Energia SGPS SA, Portugal's biggest oil company, added 9 cents, or 1.4 percent, to 6.39 euros.
The following stocks also rose or fell. Symbols are in parenthesis after company names.
Abengoa SA (ABG SM) added 54 cents, or 2.1 percent, to 26.54 euros. Analysts at Deutsche Bank AG raised their price estimate on the stock of the Spanish company with businesses ranging from ethanol production to computer services by 17 percent to 30 euros. They cited Abengoa's strategy to become a market leader in solar thermal energy in Spain.
Banco Bilbao Vizcaya Argentaria SA (BBVA SM) rose 14 cents, or 0.7 percent, to 19.39 euros. Spain's second-biggest bank agreed to buy stakes in units of Citic Group for 989 million euros ($1.27 billion) as it expands in China.
BBVA will pay 501 million euros for a 5 percent stake in China Citic Bank and 488 million euros for a 15 percent holding in Citic International Financial Holdings Ltd., the Spanish lender said today in a filing. The agreement also includes an option allowing BBVA to raise its stake in China Citic Bank to 9.9 percent.
Endesa SA (ELE SM) climbed 24 cents, or 0.7 percent, to 35.70 euros. Spain's largest utility told Spain's Supreme Court that German utility E.ON AG is able to raise its bid again for the Spanish power company, Expansion reported, citing documents Endesa filed to courts.
Telefonica SA (TEF SM), Spain's biggest phone company, advanced 6 cents, or 0.4 percent, to 15.83 euros. JPMorgan Chase & Co. raised its price estimate on the shares by 3.2 percent to 16.8 euros.
``Telefonica remains a top pick within our coverage universe thanks to what we see as its better, safer growth prospects that are underpinned by its diversity,'' the analysts wrote in a note to investors.