Talgo has recognized the interest of the Basque group Sidenor in becoming the main or partial shareholder of the company. “The company informs that it received today a letter of interest from the industrial group Sidenor, in which it says it is considering the total or partial acquisition of the share capital of Talgo,” indicates the railway manufacturer in a brief press release from do. transmitted to the National Securities Market Commission (CNMV).
In this communication, the company does not give more details on the offer that would be on the table and what the business plan would be that would underpin it.
Sidenor’s proposal comes after the interest expressed on Tuesday by Sidenor’s president, José Antonio Jainaga, to become the partner that will ensure the shareholder stability of the railway manufacturer after the failure of the public takeover offer launched by the Hungarian company Magyar Wagon.
A strategic company in a key sector
In August, the government vetoed the Hungarian group’s offer on national security grounds. Then, the Executive assured that “the analysis carried out determined that the authorization of this operation would entail risks to guarantee national security and public order. In this context, the Council of Ministers declared the information contained in this file classified.” “For the government, Talgo is a strategic company in a key sector for the economic security, territorial cohesion and industrial development of Spain” , he justified.
This character of a strategic company would be maintained with the entry of a local partner, such as the Basque steel company, which would make the realization of this proposal more feasible, while waiting to know the details.
In fact, the Basque Government would also view this operation favorably. The director of Imanol Pradales indicated at the beginning of September that he would be ready to repeat with Talgo the operation he carried out in IPT, a company in which he owns 6% through the Finkatuz fund. And a few days ago, the government spokesperson, María Ubarretxena, confirmed the existence of “discreet conversations” to guarantee the continuity of the company.
This Tuesday, Ubarretxena more openly demonstrated his support for the operation. “There must be an industrial partner with a solid industrial plan for the future. » “If these conditions are met, the Basque Government will analyze and provide support, if necessary.” “That is why, for industry in Euskadi and for employment in Euskadi,” he said.
It now remains to be known the details of this proposal. Talgo is worth a little more than 447 million euros on the stock market. Its share, at the close of this Thursday, was at 3.64 euros, below the 5 euros that the Hungarian group proposed in its offer.
