José Antonio Jainaga lowers his aspirations in taking over Talgo and will not need to take 29.9% of the capital to be the company’s first shareholder. The Basque businessman has put on the table a maximum of 100 million eurosas you have been able to know elEconomista.es from sources close to the operation. This would limit its participation to a maximum of 20% of the shareholding provided that Trilantic, the current largest shareholder, agrees to sell its shares at the 4 euros per share that the president of Sidenor has offered.
The future of Talgo’s shareholding composition will be one of the issues that will be on the table at the board of directors convened for this Thursdaywhen the British fund and its partners, the Abelló families (owners of 3%) and Oriol (with 7%), will have to resolve other fronts that the company has open, both judicial for the sanctions of 170 million from Renfe; as operational due to the lack of production capacity, which continues to delay deliveries of new trains.
Until now, the possible change in the shareholding of the train manufacturer has been stranded due to the lack of agreement with Javier Bañón’s fundwhich monopolizes the negotiation. The owner of the steel company formalized his acquisition proposal before the Council in mid-October; but the delay in the delivery of the documents necessary to audit the company railway company have exasperated Sidenor, which last Sunday threatened to leave the table: “If the current shareholders do not want us in Talgo, We will withdraw so as not to uselessly waste time and energy“, spokespeople for the steel company expressed to EFE.
To make public his support and put pressure on Trilantic to accelerate the conclusion, the Minister of Transport, Óscar Puente, visited the Sidenor factory last week. Moncloa intended to resolve the issue before the end of the yearbut he has come across the lack of rush from the British fund, despite the fact that he has been wanting to leave Talgo for years. Added to the possible interest of Poland in formulating an offer at 5 euros per share is that as of January 1 You will no longer be tied to the Abelló and the Oriol when the partners’ agreement expires. With this, the carryover clause on their titles also disappears, allowing them to be sold freely on the market.
The Basque bloc would take 30%
The president of Sidenor, who even communicated an offer for “all or part of the capital”, is part of and aspires to lead the block of investors from the Basque Country who will jointly bid for 29.9% of the manufacturer to avoid launching a takeover bid.
Together with Jainaga they have proposed themselves as companions, as long as certain conditions are met, the Basque Governmentthrough its public fund Finkatuz; and the Vital Foundationheir to the old Álava savings banks. But this conglomerate of partners is not closed and from the Pradales Executive (PNV) We continue looking for new partners that can reinforce the financial and industrial profile of the group. Among them the BBK foundationwhich this week directly acquired 3% of CAF, a position it previously held indirectly through Kutxabank.
The Basque Lehendakari recently reiterated his intentions to enter Talgo, but did not want to detail with what percentage: “The Basque Government is willing to support an industrial project for Talgo that involves guaranteeing its industrial viability, that implies roots and that implies the attraction of fundamental elements for roots, such as R&D&I units and that the social and fiscal headquarters of a company like Talgo is in Euskadi.” This condition would make its current factory in Rivabellosa (Álava) became the corporate and fiscal headquarters of his company, to the detriment of the Las Matas (Madrid) plant, which would also stop managing innovation.
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