The Government imposes its criteria and delivers 29% from Talgo to Sidenor

The agreed economic conditions, but still to sign in the next few days, incorporate an update of the offer that the Basque Consortium had transferred to the owners of the shares on February 6, that raises the price up to a maximum of 5 euros per title. The price is structured in two sections: a first fixed price of price per share of 4.15 euros (153 million euros), and a second variable price of price per share of 0.85 euros, compared to 0.65 that It offered before, and that will depend, in any case, on the fulfillment by Talgo of certain financial magnitudes during the 2027 and 2028 years.

These conditions must be specified before the signing of the final agreementwhich is pending to be approved by the governing bodies of the parties, the Basque and Pegasus consortium, the main shareholder of Talgo. If fulfilled, a total of 183 million euros would end up paying. Of the fixed part to pay now, Sidenorthe Basque Government through the background Finkatuz and BBK will contribute 45 million to equal parts, while Vital will add another 20 million.

Some fringe, first thing

From the first hour of yesterday, the operation was on everyone’s lips. Even early morning, Lendakari, PRADALES IMANOLhe wanted to clear uncertainties that could further turn the stock action and acknowledged that there was still “some fringe to solve” so that the consortium led by Sidenor bought about a third of the actions in Talgo, although it was already “optimistic” of that will close in the next few hours. “We are in the discount time, I think we are going to bring the agreement to fruition,” said Lendakari to the media during a visit to a health center in Vitoria.

The soap opera of Talgo seems to arrive, then, at the end, after almost a year and a half since in mid -November 2023 Talgo communicated to the markets the existence of an unidentified Hungarian group willing to buy the Spanish manufacturer to five euros per share. A few months later, in March 2024, that company was presented as Ganz-Mavag, a Magaria consortium in which the Ferrovary Group Magyar Vagon and the Viktor Orban government were present through the Corvinus Fund. In that month he launched its OPA for 100% of Talgo at the agreed price, 620 million euros for the company.

The offer convinced the market and the shareholders of Talgo, but it ran into the absolute opposition of the government and the antiphest shield, in the hands of the Board of Foreign Investments (Ministry of Economy), which had the offer almost six months in quarantine until At the end of last August he was vetoed in the Council of Ministers that alleged reasons for security and public order for alleged ties of Ganz-Maavag with the Russian government of Vladimir Putin. La Moncloa, who in all that time tried to find an alternative buyer to the Hungarian group, and tried to all the competition of Talgo (Alstom, Stadler, CAF), to institutional investors such as Critiaia Caixa, or sectors of sectors with a certain “affinity” , as a scribe or the Czech Skoda, the responsibility of finding a solution for the company, with its main shareholder -Trilantic-, tightening to sell your participation in the company and leave. The answer, finally, was found by the Executive in the Basque Sidenor that, in October, he informed the CNMV that he had started conversations with the British fund to buy his participation and even opened to launch an OPA for 100% of the builder of the builder of trains

Various offers

In November, Jainaga’s steel man proposed to the Fund represented in Spain by Javier Bañón back. During those weeks the rumors also began that the Polaca weighs and India Jupiter Wagons were willing to launch an OPA. Two options well considered by the Executive, since they had industrial land to give immediate solution to the problems of Talgo.

But Sidenor’s last offensive and the participation in the same of the Basque Government have ended up bowing the balance in favor of the Basque route, which will be done with 29.7% of Talgo at a price of 4.15 euros per share, with the possibility of rising to five in three years. In any case, the fixed part of the operation, which is what Trilantic will enter now, is below the expectation of five euros per action without conditions that the British fund was expected to enter before leaving. A figure that was willing to offer PFR before the Moncloa intervened ‘de facto’ and told Poland that the operation was destined to pass through the antiopas shield. At market closure yesterday, the shares of Talgo, closed to 3.80 euros a decrease that yesterday they already accumulated a decrease of 2.81% compared to Thursday’s session.

The SEPI, on the waiting list

However, there are still other edges to be resolved in the future of the manufacturer. In the background there is also the exit of the percentage of Talgo remaining from the Pegaso Society, which Trilantic shared with Torreal (Abelló Family), while the Oriol family, the founder of Talgo -who presides over one of the members of the clan, Carlos de Palacio and Oriol -, he had made a kind of syndication pact to sell his 7% while Trilantic and Torreal. The latter, commanded the conversations with PFR for the launch of the OPA, but the interference of the government and the disagreement for accepting the Basque route even caused that yesterday José María Oriol, another representative of the family that occupied the non -executive vice presidency with a category of category with a category of not external and that was for 15 years CEO of Talgo, he presented his “irrevocable” resignation alleging “personal reasons.”

Pegasus’s participation could end in the hands of the SEPI, an option that the government has dropped in recent months and, especially, Transport Minister Oscar Puentewho wants to cut short of what is the main trains for the High Speed ​​Business of Renfe. The industrial future of Talgo remains to be resolved. Because the consortium they form Sidenor, Finkatuz, BBK and Vital Foundation It has the disadvantage of not having soil for Talgo or experience in rail production. This is where Poland or Jupiter Wagons could appear again that they do have knowledge and space so that Talgo can attend without problems with the record of record orders of 4,000 million euros, in addition to aspiring to new contracts at a time of great Public investment worldwide in railway infrastructure.

The Basque landing will also serve to recover the desire of the PNV to return the Talgo Decision Center from Madrid to the Basque Country.