The possibility that the Basque industrial group Sidenor acquire a relevant stake in the train manufacturer Talgo It has received the support of investors and the Basque Government, and expressions of approval from the central Executive.
The Minister of Economy, Carlos Bodyhe pointed out this Thursday, during a meeting organized by The Country and Acciona, that the entry into the capital of Talgo of a solvent and national industrial company can be a viable long-term solution and provide stability to its shareholders. According to Corpus Christi, although it is a process that the company and its shareholders must lead, the Government is willing to accompany and help “in this transition.”
In his opinion, the important thing is that signs of interest are emerging from the private sector, with solvent companies, with a marked industrial and national character.
He economy minister has stressed that one of the Government’s main objectives is to ensure the long-term viability of strategic Spanish companies such as Talgo.
At the end of August, the Executive rejected the takeover bid presented by the Hungarian group Ganz Mavag (Magyar Vagon) on Talgo alleging “insurmountable” risks for the protection of strategic interests from Spain.
Support from the Basque and Cantabrian governments
The Basque Minister of Industry, Mikel Jauregihas said that the regional government supports Sidenor’s intention to enter the capital of Talgo if its roots in Euskadi are maintained and employment is promoted.
Jauregi has stressed that, although the process is in a very initial phase, the Basque Executive is willing to help as long as it is a “solid project with an industrial future for Talgo, which makes it possible to establish roots in Euskadi and improve industrial employment. “.
Along the same lines, the Government of Cantabria has expressed its “full support” to Sidenor and does not rule out providing financial aid to the company if the operation has an impact on the Reinosa plant. The Minister of Industry, Eduardo Arastihas revealed that on Wednesday he contacted the president of Sidenor to express the “total support” of the Cantabrian Executive.
The president of the CEOE, Antonio Garamendiwho was in Bilbao today, described Sidenor’s initiative as “interesting” and “good news.” Garamendi has said that the owner of Sidenor is an industrialist “of recognized prestige.”
From the union level, CCOO of Industry has insisted that any operation on Talgo must have an associated industrial plan that guarantees manufacturing and current orders from the train manufacturer.
Acquire 30%
The company announced this Wednesday to the National Securities Market Commission (CNMV)) that he had received a letter from Sidenor in which the Basque group informed him that it was considering “the total or partial acquisition” of its share capital.
In recent days it had been published that the owner of Sidenor, José Antonio Jainaga and the Basque Government were willing to provide funds to buy 30% of Talgo from the Trilantic fund.
Renta4 analysts have described the news as “very positive.” In his opinion, it would be a partial purchase in which Sidenor would take a stake of less than 30% (to avoid the obligation to launch a takeover bid) and leave the rest of the capital to the Basque Government or SEPI.
Stock market rise
Talgo shares have accumulated an increase of 15% in the last three trading days. Specifically, Talgo’s stock recorded its third consecutive day of price increases this Thursday, after climbing 5.36%, to 3.83 euros per share, the highest at the end of August.
Sidenor, based in Basauri (Vizcaya), is dedicated to the production of special long steelsin addition to being a supplier of calibration products in the European market. It has production centers in the Basque Country, Cantabria and Catalonia, and has commercial delegations in Germany, France, Italy and the United Kingdom.
The search for an industrial partner is something that has been worked on in recent months in Euskadi, where Talgo has a plant in Rivabellosa (Álava), with a staff of nearly 700 workers, not including temporary workers and auxiliary companies that work for the firm. Throughout Spain, the company has nearly 2,500 direct workers.
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