Finnova provides expert advice in all areas of economics and finance.
Firm Valuation
Finnova has valued firms in the context of both technical and expert reports. The valuations involved sectors such as:
- Telecommunications
- Renewable Energy
- Waste management
- Infrastructures
- Real Estate
- Healthcare
- Wine
Competition
Finnova has participated, as a consultant and an expert witness, in a wide range of competition cases:
- Well-known cartels reported by the Spanish and the EU competition authorities: “trucks”, “envelopes”, “public tenders for highway construction”.
- Cases of collusion in the energy and financial sectors.
- Cases of bundling in the banking and media sectors.
Regulation
Finnova has participated in a variety of regulation cases:
- Analysis of margin squeezes and damage assessment in the telecommunications sector.
- Advises on the European financial regulatory framework on Capital Markets Union, MIFID II, Fintech’s regulatory framework, Platforms and Data Sharing by financial institutions.
Corporate Governance
Finnova has provided recommendations on many different issues related to conflict of interests and expropriation of minority rights on Board of Directors. Finnova has also assessed damages caused by certain board decisions.
Some issues we have analyzed include:
- Financing with high yield instruments
- Approval and valuation of equity issues
Takeovers
Finnova has participated in several damage assessment cases related to takeovers, in sectors such as:
- Telecommunications
- Real Estate
Derivatives
Finnova has provided expert opinion on the valuation of instruments such as options, collars, and swaps.
Court experience
Finnova has acted as an expert witness in legal proceedings before Civil Courts, Penal Courts, the Spanish Supreme Court, and Spain’s “Audiencia Nacional”. As well as, many different Arbitration Courts (World Bank’s ICSID, ICC (Madrid), ICC (Paris), ICC (London), CIMA).
Below is a small sample of the most relevant cases based on the amount in dispute and the relevance of the ruling court:
Case |
Court |
Amount in dispute |
|---|---|---|
| Toll highway’s Shareholders vs. Kingdom of Spain | Spanish Supreme Court | More than 2 billion euros |
| MasMovil takeover | Spanish Audiencia Nacional | More than 1.6 billion euros |
| MARTINSA-FADESA | Juzgado de lo Mercantil of A Coruña | More than 1.5 billion euros |
| Union Fenosa Gas (UFG) vs. Gas Natural Fenosa (GNF) | Juzgado de Primera Instancia | More than 190 million euros |
| Spanish Banks vs. CNMC | Spanish Audiencia Nacional | More than 90 million euros |
| Abengoa vs. México | ICSID (Washington, D.C.) | More than 45 million euros |