Brazil’s Rio Airport Passes to Spain’s Aena for US$580M

Barclays upgraded Aena to “overweight” and raised its price target to €28.50 from €24.50, citing nearing completion of the DORA III regulatory review and a CNMC opinion that reduces uncertainty. Barclays cut Fraport to “equal weight,” lowering its target to €71 from €96, citing weaker traffic and ground-handling losses. It also adjusted forecasts for Fraport and maintained ratings for ADP, Athens and Zurich.

Investing.com reports Aena SME SA shares rose 1.2% to €27.14 after Bernstein upgraded the stock to “Outperform” and raised its price target to €30.80 from €27.00. Bernstein cited higher passenger forecasts, accelerating commercial revenue, and a favorable regulatory outlook, including a 2026 traffic forecast of 333 million. Bank of America also upgraded to “Buy” with a €30.50 target.

Bernstein upgraded Aena to “outperform” from “market-perform” and raised its price target to €30.80 from €27, citing a stronger medium-term earnings outlook. It forecasts Spanish traffic growth of 3.6% in 2026 (vs Aena guidance 1.3% and consensus 2.5%), with 2026 traffic at 333 million. It expects a September final regulatory agreement and says FY+2 EBITDA estimates are 2-3% above consensus.

SAP has agreed to acquire TechWolf, a Belgium-based AI work intelligence platform, with the deal expected to close in Q4 2026. TechWolf's technology will integrate into SAP's SuccessFactors portfolio, enhancing workforce planning and skills-based talent strategies. Financial terms were not disclosed. TechWolf will operate independently, retaining its leadership and offices. The acquisition aims to develop new AI-powered workforce optimization products.

Chevron (CVX) agreed to restructure midstream contracts with Hess Midstream (HESM) in the Bakken and DJ basins. The deal reduces Chevron's transportation costs by 50% and includes a $200M cash payment. Chevron will transfer equity interests and assets to Hess Midstream, removing $3.7B in debt from its balance sheet. The transaction is expected to close by the end of 2026 and is projected to improve Chevron's return on invested capital by 0.5%.

Skydance completes $111bn acquisition of Warner Bros, merging with Paramount. HBO Max and Paramount+ will merge, with streaming prices expected to rise. The deal requires 30 new film releases annually for five years. Warner's former co-chairs departed, and future creative direction remains uncertain.