The Sidenor option is preferred by both the Madrid and Basque governments, and is currently the option on the table for the purchase of 29.9% of Talgo. Sidenor assures that it maintains its financial offer (4 euros per share) and that Trilantic has not rejected it. But nothing is closed.
The operations and negotiations for the purchase of Talgo by Sidenor they will remain as is for now intense and uncertain, and this week the Ministry of Transport of the Government of Spain has set itself the goal maximum date and then reach an agreement January 31, with the main obstacle on the price table.
The option Hisor is the preferred by both the Madrid and Basque governments, and the government currently on the table for the purchase of 29.9% of Talgo, owned by the Trilantic fund, managed by two former Lehman Brothers financiers.
Exactly, the minister Oscar Puente He summoned representatives of the Basque government, Sidenor and Trilantic, to a meeting this Thursday, in which no details were finalized but in which the ministry set that deadline.
Puente was very clear on Thursday about his preferences for Sidenor, because he understands that it can provide the industrial capacity that Talgo lacks and maintain the “Spanishness” of a company that the Spanish government considers strategic.
The operation is also well accepted within the Basque government, as it would mean the consolidation of Talgo, a company with a strong involvement in the area, as it has one of its two factories, the largest, in the municipality of Alava in Rivabellosa, with 700 employees (the other in Las Matas, in Madrid, with 500 employees).
At the end of 2024, the shareholder agreement expired between Trilantic, part of the Oriol family that founded Talgo (7%) and Juan Abelló’s Torreal fund (3%), which together control 40% through the instrumental company Pegaso. Now the former has his hands free to act alone.
The Trilantic’s biggest resistance to taking the step is the price. Last November, Sidenor formalized an offer to acquire Trilantic’s 29.9% stake in Talgo, which could be worth around €150 million (€4 per share). A price that would be lower than the price that the Hungarian group Magyar Vagon presented in its failed takeover bid of 5 euros per title.
The Basauri-headquartered steel company says it is keeping open negotiations with Trilantic to acquire its stake in Talgo, assuring it has not received “any rejection” of its offer so far.
But in the midst of the negotiation process that began in October, information is circulating suggesting that other alternatives to Sidenor could be on the table at Trilantic, such as that of Polish company Pesa.
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.
