Sidenor put the direct by Talgo. The steel group puts on the table a new offer for 29.9% of the capital manufacturer’s capital two months after receiving the rejection of its maximum shareholder to a first offer close to four euros per share. As the mail advances and has been able to contrast this medium in knowledgeable sources of the operation, the new offensive includes a remarkable improvement in the offer thanks to the fact that it has the support from the Basque Government and the BBK and Vital Foundations.
This known movement this Wednesday feels a turning point in the operation and Leave the ball on Trilantic’s roof -As the maximum shareholder of the manufacturer-, which must undergo study if this improvement in the non-binding offer fits your sales plans. To date, the British background plans have always drawn a red line close to five euros per title, as dictated by the frustrated Hungarian OPA that Moncloa rejected.
There is the circumstance that Sidenor’s new offer – which leads the businessman José Antonio Jainaga – occurs a week after the lehendakari Imanol Pradales met with the president of Talgo in the framework of the round of meetings that the Basque Executive Celebrate with the different industrial actors in the region. While the appointment has not had importance, the meeting has been key to resolving the outcome of the ‘snake’. Well, the Basque Government’s disposition for accompanying the industrial project It is subject to the company Instaure its headquarters in Euskadi and guarantee capacity to “grow in the future”, as defended by the same Pradales during his participation in the recent economic expectations in Bilbao.
Faced with the Polish and Indian interest
From Euskadi they see in Sidenor the best possible partner to maintain the roots of Talgo and avoid ending up in the hands of foreign investors, such as the Polish Weight or India JUPITER WAGONS -What finalize their offers to break into the capital of the railway. As potential partners, both the Polish and India company have transferred interest to the main shareholders of the Spanish manufacturer to go beyond 30% of the capital, which legally forces to launch an OPA and mark the limit that has been set so far Sidenor . From the steel, which has the support of the central and Basque government, They remain firm in their initial commitment to be the “single industrial partner” and guarantee that they have not received any offer for a possible pact with the rest of the interested parties in acquiring Talgo.
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