Sidenor hired Alantra to achieve the Talgo financial and risk analysis before joining the company. As reported by this media, the management of the railway manufacturer received an expression of interest in October from the industrial group Sidenor to acquire all or part of the company’s capital.
After the veto of the public purchase offer of the Hungarian consortium Magyar Vagon, the management of Talgo is trying, through Sidenor, to remedy the change of ownership caused by the exit plans of the Trilantic fund, the majority shareholder .
Sidenor’s entry into the capital of Talgo as an investment partner is a personal commitment of its president, José Antonio Jainagawhich, after studying the operation, is now trying to advance its audit with the help of the aforementioned investment bank, according to what has been announced The confidential.
Sources close to the operation confirmed Europe Press that the purpose of recruiting Alantra is to achieve a detailed assessment of accounts of Talgo and recommendations regarding the operation. Jainaga’s plans come true acquire up to 29.9% of shares to avoid exceeding 30% and not having to launch a public purchase offer.
Currently, the main shareholder of Talgo is Pégaso Transporta company formed by the Trilantic fund, the Abelló family and some members of the Oriol (founders of Talgo), with 40.2% of the capital. Purchasing this entire package of shares would force a takeover bidThus, Trilantic, which entered Talgo in 2006 and which has been trying to exit the capital for years, could negotiate alone the sale of its stake (which is less than 30%).
Basque institutions – the Basque Government and the Provincial Delegation of Alava – worked in a coordinated manner to assist in the search for an industrial partner, with the aim of promoting a project that would address the planned investments to guarantee not only the continuity of Talgo, but also the demands that will have to be faced in the future.
Once Sidenor’s interest in entering Talgo and seeking solutions for its industrial future was confirmed, the Lehendakari itself, Imanol Pradalesexpressed confidence that Talgo and Sidenor would reach an agreement. In this sense, the Basque Government will encourage production and is working to articulate industrial support that strengthens this company which it considers “strategic” in the railway sector.
In this option of support and predictable entry of the Basque Government into Talgo, there is also a possible participation of the Vital Foundation as a shareholder or with the central government via SEPI. Talgo has a factory in the Basque Country, in Rivabellosa (Alava), with a workforce of around 700 workers, not including temporary staff and those from auxiliary companies who work for the company. The company employs almost 2,500 direct workers throughout Spain.
