Ignacio Marco-Guardoqui: this is not France

The last offer released by Sidenor on Talgo is overwhelming. First because the initial price improves, which can only be a consequence of what I feared A major offer of Indians or Poles. Second, because the offer is based on an important shareholding group that … He holds it. The indisputable presence of the two boxes (rather of the foundations of the Alava and Biscayan boxes, that the Guipuzcoana has not been concerned, in a strange and little solidarity attitude that demonstrates that this of ‘Basque roots’ has too many local nuances) , exemplary the public interest in this private operation. The interest is justified by the fact that the fall in the hands of Indians or Poles and the enormous difference in relative labor costs can end up democrating production in a few years. After the Guardian episode ERTE RUMORS IN MERCEDES It is the last thing he lacked for suffering from the Alava economy. This has ceased to be a business problem and is not even only economic and has become a social one, that is, political. A problem that justifies the determined action of both governments, the Basque and the central one to whom no one can accuse of inaction or disinterest.

The bad is here nobody has yet said his last word. At the moment no one has launched an OPA on Talgo, and not even the seller has more offers on the table. But it will have them and will not be bad. There are no reasons to the Poles, nor is it certain that there are desire and strength to veto them. Poland is perfectly approved, without any reservation in the EU and its Prime Minister Tusk this semester is responsible for presiding over the European Council. Private Russian technology, with excellent commercial perspectives and very competitive job costs, Poles have room to improve the offer. For them, Talgo is worth much more than for Sidenor. For them it is crucial for their future, while for Sidenor it is only an attractive business opportunity. After the renewal of the antiopas shield, included in the famous Decree ‘Mini Omnibus’, the central government has in its hand to declare Talgo of National Strategic Interest and veto the operation. Will it do it? The French would surely do it, but we, for better and worse, we are not France. So the only clear thing is that, the more competitive the purchase processes become, the more the price of the good bought.

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