The president of the commission, Ursula von der Leyenhe commissioned before being re -elected reports to improve European competitiveness to two illustrious professors, former Italian prime ministers, Mario Draghi and Enrico Letta. Both reached the same conclusion: to get out of the current stagnation situation, Europe has to make the single market come true, talk to a single voice, and create European champions instead of nationals. Von der Leyen assumed as their own concepts and promised to apply them in the legislature, which he started in October.
But no one is a prophet in his land. The Italian Unicredit group had to reverse to take control of Commerzbank for the obstacles of the German government, which put Von der Leyen at the head of the community executive. On Friday, February 15, the Basque Group Sidenor, with the support of the Government of Spain and the autonomic took the control of Talgo, which also brought the Polish PFR. The Polish offer was ideal because it opened the doors of the Eastern Europe market, with different road widths, and created synergies with the products of this manufacturer. But Sanchez He prefers to light a national champion, instead of Europe. Where is the defense of the single market, although Teresa Ribera Is the number two of the Brussels executive? In oblivion.
The ‘Lehendakari’ agreed with Sanchez to create a national champion and will facilitate support with the institutions
Everything started at the end of July last year, when Sánchez first met with the lehendakari PRADALES IMANOL. The president wanted to open a friendly stage with Ajuria Enea, after the distances that his predecessor had marked, Iñigo Urkullu. During the conversation the subject of Talgo came out. Sanchez expressed concern about the offer presented by the Hungarian of Magyar Vagon. Intelligence services had warned him of his ties with Putin. Both agreed that it was better to create a “national champion”, in order to ensure the permanence of Talgo in the Alava town of Rivabellosa, where he uses 700 workers, and technology Made in Spain. But they needed an industrial group to take over. “Leave it from my account, I take care,” Pradales replied.
After probe all Basque suppliers of Talgo, such as Ormazábal or Ingeteam, in addition to CAF, the Guipuzcoan manufacturer participated by the Basque Government, the owner of Sidenor was used, José Antonio Jainaga. A successful industrialist who had restructured the Basque steel until it became a small giant with almost one billion annually of billing.
Jainaga had already been touched to enter ITP, the aeronautical builder based in Zamudio (Vizcaya), but lay down for the price, about 1.7 billion. In the end, the Basque Public Fillatuz fund took 5%. “Jainaga is a ready manager, but it does not have a great heritage,” said nearby sources. On this occasion, he has put 45 million through the Mirai Fund, which has other participants, of which little more than 30 are attributed to its heritage. The rest, up to 180 million, was achieved thanks to the support of the Vitoria Executive, as well as the foundations of the old BBK and vital boxes.
The doubt that Jainaga awakens is that he has never built trains. The first thing to do is look for an experienced industrial partner. Sources close to the entrepreneur, however, say that his intention is to manage him, with the support of several engineers who have selected within the Talgo structure.
The second problem is penalties. With a request for orders of about 4,000 million, Talgo faces penalties for about 300 million due to the lack of industrial capacity to comply with their contracts. The Avril delivery (106 Series) was delayed in more than two years, so a fine equivalent to 20% of the manufacturing contract of 30 trains encrypted at 580 million euros has been imposed.
In addition, it has difficulty fulfilling the deadlines with Deutsche Bahn (the second largest railway operator in Europe). The German contract has two sections. In 2019, the agreement for the production of 23 units for 550 million was signed and in 2023 it was extended to another 56 trains for 1.4 billion. The first installment must be 2025 and if the penalty is around 20%, it would exceed one hundred million euros.
The homologation of the Talgo trains by the French authorities suffers important delays for which Renfe could demand compensation of about 50 million euros, according to nearby sources. The general director of Renfe Operadora Global Strategy, Paloma BaenaHe recently questioned that the Avril homologation process was to conclude “before 2028”.
The group will enter losses in 2024 due to the need to account for the fine of 116 million of the State, to which others could be added in the future. CAF refused to enter the bid, for fear of the amount of the fines, especially in the German case.
To avoid these penalties, the expansion of their industrial capacity will be vital. One of the roads would be to agree with India Jupiter Wagon, associated with the Spanish joy workshops, which has facilities in Asturias and could assume workload. PFR Poles are also open to collaboration, although they do not have infrastructure in our country. The third way would be to take advantage of some of the Basque plants with problems, with the support of the Diputación de Álava, with which some type of tax exemption or a delay in the payment of taxes would be negotiated. Jainaga has pledged to present an industrial plan to the Government of Vitoria in three months.
Jainaga, the new owner of Talgo, calls for compensation to the State for about 2,000 million
To deal with all these difficulties, Jainaga himself wrote a list of commitments that he presented to the Spanish government through the Secretary of State for Infrastructure and former mayor of Irún, José Antonio Santano. The sum of compensation would approach 2,000 million, according to nearby means. Among them, the forgiveness of the penalties is, as well as a commitment of future awards, among which the AVE trains would be for the Basque Country.
Among the most amazing demands is to repurchase Renfe 49% of Trvia, a joint society constituted in April 2021 to repair and maintain the Avril S106 trains. The new model is a permanent source of scares and breakdowns, although it exceeded the Renfe test period. At the end of this year, for example, all Avril models were paralyzed because the calendar had not been adjusted with the change of the century and the leap years, such as the past, were not well collected. Unheard!
Tavia is very profitable. His Talgo control would mean that Renfe runs in charge with the cost of all the failures of the new Avril trains, instead of demanding compensation. The world upside down! That is, all Spaniards are going to contribute to cover Talgo. Long live the national trains champion!
P.S..- Concern in the business world for war to open tomb between the president of the CEOE, Antonio Garamendiand Cepyme’s, Gerardo Cuerva. Neither of them is willing to give in their positions after the rupture of the discreet negotiations held in recent weeks. Cuerva came to accept to leave in a year after re -election leaving the land paid so that Garamendi puts his candidate. But there is no agreement at your exit. On the table is an offer to direct the employer of European SMEs (Smeunited) or even its candidacy for the presidency of the Chamber of Spain, which Garamendi does not guarantee.
In parallel to the negotiation, the president of the employer was monopolizing vote delegations, some under threats and other pressure methods established for years in the good governance codes of the companies. Cepyme reacted calling an executive committee and a board of directors to cut off. Cuerva won by five votes at the Board, which is the decisive. But he made the mistake of consulting the Executive Committee, where he lost, which opens a judicial dispute to see what result prevails.
Now, they are pending that CEOE or some of its organizations challenge the result, while Cepyme has commissioned his defense to Garrigues. Everything points to what Miguel Garridopresident of CEIM and mediator by CEOE, be it the pawn used to go against Cepyme and safeguard the image of the president.
Garamendi is played by the presidency of the CEOE in the 2026 elections and crows its continuity at the head of business organizations, so an agreement is still expected at the last minute, since both have much to lose. The fight mancilla the reputation of entrepreneurs.
#plan #Talgo #national #champion #suffered
