The Minister of Transport and Sustainable Mobility, Oscar Puenteconfirmed this Tuesday that It is possible that the State Company of Industrial Participations (SEPI) support Sidenor in its attempt to replace the Trilantic fund at the head of the shareholding of the railway manufacturer Talgo.
The head of the Transport portfolio acknowledged that “the role of the Government in this operation remains to be determined”. However, he confirmed that the Executive “will cooperate and propose all possible solutions”.
When asked if this support would be through SEPI, the minister stressed that “it’s a possibility”as he declared to questions from the press as part of the Global Mobility Call exhibition, inaugurated this Tuesday in Madrid
“We are here to accompany Talgo on this path, in which what we are looking for is more industrial capacity and a new shareholder composition this also gives it stability for the future”, he added. In this sense, he recognized that both the Basque government and the central government have already expressed their desire to “cooperate and support” private investors in this operation.
Negotiation in preparation
The option that the Basque businessman Jose Antonio Jainagaowner of Sidenor, takes over part of the shares of Talgo was revealed by elEconomista.es last October 14. The next day, the Basque government, made up of a coalition of the PNV and the PSOE – also partners in the formation of the Spanish government – welcomed the interest of the Basque businessman and recognized the possibility of entering the operation via Finkatuzits support fund for strategic businesses in the region.
On October 16, Talgo confirmed to the market the receipt of a expression of interest from Sidenor to acquire “part or all of the capital”a scenario which seems to have been limited to the acquisition of 29.9% of the shares to avoid the launch of a public purchase offer, like the one already attempted by the Hungarian consortium Magyar Vagon.
But Talgo’s largest shareholder, the British fund Trilanticarticulated his position in the company through the instrumental vehicle Pégaso Transporta company in which the Abelló family also participates, through its family office Torrealowners of 3%; and family Orioleheirs of the co-founder, with minority stakes totaling 7% of the total.
The partners’ agreement signed in 2014 requires everyone to jointly unwind their position, so that any buyer would have to take 40% of the capital, which exceeds the limit set to comply with the takeover law. To avoid this requirement, the operation jointly designed between Madrid and Vitoria could add other minority shareholders to Sidenor’s stake.
Among the names questioned are SEPI – now confirmed by Puente -, the Basque fund Finkatuz – confirmed by the Basque government – or the Álava Vital foundation, owner of part of the Kutxabank bank. Additionally, on October 30, Jainaga and the lehendakari Basque, Imanol Pradales, without revealing the details of the meeting.
