Industry and Basque Government have found the key to improve the offer that guarantees shareholding stability in Talgo. To the support of Finkatuz -As Vitoria Executive Investment Fund-, Vital Foundation and Clerbil -Endrier of José Antonio Jainaga, owner of Sidenor- has ultimately joined the top shareholder of Kutxabank, BBKto reinforce the proposal that already studies the Trilantic Investment Fund as the main shareholder of the trains manufacturer.
Waiting to know if the British fund welcomes, or not, the new proposal with open arms, this offensive arrives at a key moment for the operation, when foreign pressure -escene in the interest of the Polish Pesa and India Jupiter Wagons- is maximum for entering the capital of the rail. This scenario, precisely, has forced the Basque Front to design the formula that does not put the roots of Talgo at risk. “The offer represents the Basque Government’s commitment to the roots of our industry”defended Mikel Jauregi as a Basque Minister of Industry before participating in an event in Bilbao this Thursday.
It has been in the middle of the final stretch of the negotiations in Talgo, when the tuning of the Basque core has found its peak to lead the operation. Through meetings with Jainaga and Carlos de Palacio, as president of Talgo, the Lehendakari Imanol Pradales has guided in recent months an industrial offensive to reaffirm the Basque solution. Pradales himself did not hide months ago His claim to transfer to Euskadi the headquarters that Talgo maintains in the capital And this Thursday was the general deputy of Álava, Ramiro González, who collected the glove.
“Talgo has Allavesa Alma, has Alavés origin. I think it is essential to work for your decision center to return here“, highlighted in an interview with Radio Vitoria this Thursday.” The entire field of R&D, which is very important for the company, it is also very important for the territory, before we can use that the joint offer is “completely Competitive “and also” has the support of the Basque Government and the State. “
Jainaga, a trusted industrial profile for Talgo
Talgo, with a factory in Las Matas (Las Rozas, Madrid) and in the Alavés municipality of Rivabelosa, plays a strategic role in the Basque industry as a company that employs 700 workers there and attracts large investments in the region. This aspect has propelled that, given the refusal of CAF to participate in the operation, the Basque Government has opted for local Siderurgic Sidenor as winning horse. Since, despite not having special industrial convergence, Jainaga, its leader, does maintain An industrial profile aligned with the future vision of the trains manufacturer and is characterized by his vocation of permanence in the companies where he has traveled.
This is explained to this medium sources close to the negotiation, which detail the importance of finding a partner with this mood to reinforce the industrial plan that craves the manufacturer in order to solve its capacity problems. The same sources guarantee that Talgo’s dome has already launched the Search for logistics alternatives to leave a 4,000 million portfolio in orders and convert new opportunities in the market. Hence, the holder of Transportes, Oscar Puente recently opened the door to foreign collaborations with Talgo “whenever the decision -making capacity in our country is maintained.”
The ball on Trilantic’s roof
The offer presented on Wednesday and notified to the CNMV a day later includes a fixed price of 4.15 euros per title and a variable of 0.65 eurosif certain business milestones are met between 2027 and 2028. The best scenarios for the British fund is a price of 177 million euros for the 29.8% sharing package they maintain in Talgo through the Pegasus instruments . While the offer still does not reach the five euros demanded by the fund led by the Spanish Javier Bañón, it does imply a considerable improvement with respect to the four euros offered in their previous proposal. “Pegasus will evaluate the offer received, without so far having taken a decision in this regard,” they reiterate from society.
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