Sidenor sources have explained that joining Talgo “is not a matter of life and death. If the current shareholders do not want us in Talgo, we will withdraw so as not to waste time and energy unnecessarily.”
The Basque Steel Group Hisor has threatened the purchase of 29.9% of Talgo in the hands of the Trilantic fund, an operation that is “not life or death” for the company led by José Antonio Jainaga.
Sidenor sources have explained that joining Talgo “is not a matter of life and death. If the current shareholders do not want us in Talgo, we will withdraw so as not to waste time and energy unnecessarily.”
Sidenor offers to buy 29.9% of Talgo, currently owned by Trilanticat a price of 4 euros per sharewhich would mean that that participation would have to be valued at 150 million euros and the total of the company at around 500 million.
It is an amount that is substantially lower than the 5 euros per share (185 million for 29.9% and 620 million for 100%) paid by the Hungarian Ganz Mavag (Magyar Vagon), which launched a takeover bid for the entire capital in March, but was ultimately vetoed by the Spanish government in August on national security grounds.
However, the offer is above the 3.52 euros at which Talgo shares closed on the stock exchange last Friday.
Both the Spanish and Basque governments have expressed their support for this operation. The first emphasizes that it can be a solvable solution and provide stability to Talgo, and the second supports Sidenor’s entry if its roots in Euskadi are maintained and employment is promoted.
Poland has already made an offer
Other sources close to the companies confirmed to the EFE news agency that the operation could involve Polski Fundusz Rozwoju (PFR), Poland’s public Development Fund (a kind of SEPI), which also controls the country’s Weight company.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
