Poland does not want to be a secondary actor in Talgo. The Polish Fund for Capital Develop … cooperation in the future ». These statements arrive after last Friday the purchase of 29.7% of the trains manufacturer by a Basque consortium led by Sidenor was confirmed. An acquisition that had the direct intervention of the Moncloa, which managed to get the owner of Pesa out of the bid Hungarian Magyar Vagon. The two foreigners were willing to launch an OPA for 100% of Talgo at a price of five euros per share.
In a statement, PFR explained that the step back in relation to the launch of the OPA is due to the fact that the final and “exhaustive analysis” of the fund concluded that the operation “could not materialize completely in the current circumstances.” In that study, the SEPI Polaca ensures that both factors directly related to the operation “and other external and indirect aspects” were covered. “Consequently, PFR has decided not to present its final offer,” the company wields. Sources close to the Polish Development Fund say they would be willing to enter Talgo in the future but whenever it is as a majority shareholder, so they do not rule out launching an OPA in the coming years if appropriate circumstances are given, always with the idea in mind to create a rail champion at European level.
In fact, sources close to the operation ensure that PFR maintains in force of the OPA advisory contracts such as the one they have with Société Générale waiting for the agreement between Trilantic and Sidenor to be completed. If not materialized, PFR could return to the load to launch a new proposal to the Talgo shareholders.
However, PFR considers Talgo as “a value partner” and says that there are opportunities for collaboration between Talgo and Pesa to continue within the framework of the Memorandum of Understanding (MOU) signed in September 2024, with which both will be presented together with tenders within the framework of the development of high railway speed in Poland. Sources close to PFR limit this cooperation exclusively to this agreement and rule out presenting themselves as an industrial solution for Talgo if they do not participate in the company.
The message released today by PFR is not trivial, taking into account that among the government’s plans it was weighing as a partner in Talgo de Sidenor to provide immediate industrial land to the Spanish manufacturer. For the Executive of Pedro Sánchez, in fact, it was one of the states played for Poland to reclecate at the launch of the OPA and try to enter a second phase, but now that option is being discarded from Warsaw.
Therefore, for the moment, everything remains in the hands of the new reference shareholder in the company, which will have its participation divided between Sidenor, the Basque Government (Finkatuz), BBK and the Vital Foundation. On Sunday, the Basque Lendakari, Imanol Pradales, assured that once the operation is closed – it hopes that this happens in approximately three weeks – the new council of the company will prepare a “great industrial plan” so that the trains manufacturer will continue to develop and “competing in the market.”
Key industrial plan
The arrival of that industrial plan is key in the future of Talgo. The company has its request for historical maximums, with a volume of 4,000 million euros, and with its two floors, that of Rivabelosa in Álava and Las Matas in Madridto the production limit. The manufacturer, who has already had serious delays in the delivery of the Avril to Renfe trains, needs to attend great orders such as those of the German DB and the Danish DSB, while transmitting confidence to the market to be able to opt for new tenders.
Meanwhile, the unions await the new Talgo shareholders with the threat of a call for protests whose impact could affect up to 22 railway lines throughout the country. The CSIF Union, a majority in the company, announced yesterday mobilizations in the company after receiving communication from the management of the rail manufacturer that will provision in its accounts the fine of 117 million euros that Renfe transferred him last December for delays in the delays in the Avril trains deliveries. A reserve by which workers’ representatives believe that the company will close 2024 in losses, which would directly deactivate the pay by objectives that the template is conditioned to which Talgo closes the year with benefit.
According to CSIF There are 10 million euros in salary variables that will stop entering the 2,600 employees that form the Talgo workfor % of the total annual salary of each employee, according to union sources. In the case of bosses it can become 18%. Talgo accumulated between January and September 2024 profits of 44.1 million.
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