The board of directors of Talgo has decided to start negotiations with the industrial group Sidenor to analyze “a possible transaction”, which could involve the acquisition of part of the company’s share capital or its entirety, as reported this Monday by the train manufacturer. to the National Securities Market Commission.
Talgo’s decision, the company explains, has been taken by the board “after evaluating the proposal presented” by Sidenor.
Talgo has stressed in its communication to the CNMV that it will safeguard the interests of the company and its shareholders.
The train manufacturer confirmed last week that it had received a manifestation of interest from the industrial group Sidenor to acquire all or part of the company’s capital after rumors that indicated the interest of the president of Sidenor, José Antonio Jainaga, in entering in Talgo.
“The company informs that it has received today a letter of expression of interest from the industrial group Sidenor, in which it says it is considering the total or partial acquisition of Talgo’s share capital,” the company said last Thursday.
The Basque businessman (Jainaga) thus joins as a new option to solve the industrial future of Talgo and would already be evaluating his possible entry into the company as an industrial partner.
Sidenor, based in Basauri (Vizcaya), is dedicated to the production of special long steels, in 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 the Basque Country, where Talgo has a plant in Rivabellosa (Álava), with a staff of nearly 700 workers, not including temporary staff and auxiliary companies that work for the firm. Throughout Spain, the company has nearly 2,500 direct workers.
The Basque institutions themselves, the Basque Government and the Provincial Council of Álava, have confirmed that they are working in a coordinated manner to help in the search for a partner, with the aim of promoting a project that makes it possible to address the planned investments to guarantee , not only the continuity of Talgo, but also the requests to face in the future.
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