The Government blocks Poland’s OPA on 100% of Talgo and paves the way to Sidenor

02/13/2025

Updated at 12: 44h.

The Government blocks the OPA of the Polish State Fund PFR on 100% of Talgo and paves the way to the Basque Consortium led by Sidenor to become the first shareholder of the company, as ABC has been confirmed by sources close to negotiations. PFR decides to step back in the launch of the offer just one day after the notice of the Moncloa to Poland that the proposal would have to be reviewed by the antiopas shield that already knocked down the Hungarian OPA of Magyar Vagon this summer. In the middle of the morning, the actions of the rail manufacturer had fallen 6% to 4.07 euros, after knowing the resignation.

The Government does not close to the owner of Pesa, the Polish homogola of Talgo, can enter the Spanish trains manufacturer, but as a partner and once the Basque Consortium has acquired 29.9% of Trilantic, according to the sources consulted . Talgo’s first shareholder had pointed out tomorrow in the calendar to learn about all the offers for his participation in the company, but everything indicates that he will meet only with Sidenor’s for the back of Poland and because India Jupiter Wagons follows without giving signs of life despite the fact that until a few days ago I also threw with launching an OPA like PFR’s.

So everything indicates that Trilantic will accept Sidenor’s offer after the resignation of three Sunday counselors of the British Fund in Talgo, including Javier Bañón who leads the manager in Spain. The resignation was framed in an imminent divestment and the conflict of interest generated by Trilantic’s presence in the Board of Directors when betting on one offer or another.

Trilantic will thus be bound to accept an offer below his claims, as if he wanted to launch PFR, who was willing to reach a price of five euros per share, a value that was also willing to give Jupiter Wagons. The Sidenor will be, in principle, well below 4.15 euros per share, but can rise to 4.8 euros if in the 2027 and 2028 years there are a series of financial magnitudes, as reflected in the offer sent by Talgo to the CNMV.

(There will be extension).