Talgo confirmed this Monday that it has decided start negotiations with the industrial group Sidenor in order to analyze a possible transaction that could involve the acquisition of part or all of the company’s share capitalas reported this Monday by the train manufacturer to the National Securities Market Commission.
Talgo’s decision, the company explains, has been made 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.
Talgo has decided to start with these conversations after evaluating the proposal presented by Sidenor and has added that as the negotiation process progresses it will promptly inform the market of any relevant fact that must be communicated.
Support for Sidenor’s interest
The possibility of the Basque industrial group Sidenor acquiring a relevant stake in the train manufacturer Talgo has received the support of investors and the central and Basque governments.
On October 16, Sidenor announced its intention to enter the railway companyeither buying a part or even taking over the entire firm.
The owner of Sidenor, José Antonio Jainaga, and the Basque Government were willing to provide funds to buy 30% of Talgo in the background Trilantic.
The Minister of Economy, Carlos Bodyhas indicated that the entry into the capital of Talgo de A solvent and national industrial company can be a viable solution in the long term and provide stability to its shareholders.
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.
The lehendakari, Imanol Pradalesalready said a few days ago that if he found an industrial partner they could accompany him when he entered the railway firm.
CCOO has stressed that any operation on Talgo must have an associated industrial plan that guarantees the manufacturing and current orders of the Spanish train manufacturer.
Assessment of unions
For its part, UGT FICA has positively assessed the possible entry of the Sidenor group into the railway manufactureran operation that, in his opinion, can provide job stability to workers and promote investments in the medium and long term, although he has demanded an investment plan and guarantees and growth of employment, working conditions and the future of the company .
In August, The Executive rejected the takeover bid presented by the Hungarian group Ganz Mavag (Magyar Vagon) for Talgo alleging “insurmountable” risks for the protection of Spain’s strategic interests.
Within the framework of this entire process, In July Talgo confirmed that it had also received a proposal from the Czech group Skoda Transportation which comprised a combination of business and industrial integration.
Talgo has two production plants and several maintenance centers in Spain. The largest train factory is in Rivabellosa (Álava) and has 700 workerswhile the other is located in the Madrid municipality of Las Rozas, with 500 employees.
Talgo shares, which closed on Friday at 3.82 euros (-0.39%), have devalued around 13% on the stock market so far this year.
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