One more than possible proposal to buy Pesa on Talgo Win whole. And in the company they manage as a limit on February 14. And, as ABC has learned, the good harmony between the manufacturer’s first executive … Polish Trains, Krzysztof Zdziarski, and the president of his Spanish counterpart, Carlos Palacio, has moved to the Government of Pedro Sánchez so that he also see with good eyes a still hypothetical operation between both companies sooner rather than later. Of course, the Poles have also sent him a message of tranquility both to the central executive and the Basque to those who recognize “the importance of preserving the Spanish identity of Talgo”, which will lead them to put on the table a proposal “reasonable and comfortable for the owners ».
For this reason, they add the sources consulted, high positions of the State Fund of Origin also Polish PFRowner of the PESA trains manufacturer, have commissioned Société Générala and Baker McKenzie a detailed analysis of the Spanish accounts and the possibilities of a possible OPA, which in any case will be friendly and, although initially the Polish could stay with a 29 , 5%, its ultimate goal would be to merged with the Spanish company.
Likewise, the Poles have transmitted to the Spanish government that They have no inconvenience to agree «A strategic association with one or more local institutional investors». If one of them is Sidenor, the favorite for both administrations, it remains to be seen, although it does not have all to win.
And it is that the sources explain that the Basque Consortium Sidenor «seems to be withdrawn, for many pressures that reach it, since it is not willing to raise the offer that launched the action of 4 euros and because in reality they do not see the synergies that they see in the central and regional executive ».
Meanwhile, the Main Shareholders of Talgo –Trilantic, the Oriol and Torreal family, which are part of Pegasus International Transportation, a company with 40.2% of the capital manufacturer capital – they remain in their thirteen, and will not sell, together or separately, until it appears An offer not less than 5 euros per share and an industrial partner that takes the reins. This could be weighing – add from the environment of the fund that has the highest participation in that company, Trilantic, with 29.9% -, a company with which last September an agreement for high speed developments in Poland was signed And there are very good relationships.
Remember, as ABC advanced, that once the period of the shareholders pact was finished to sell that 40% of Talgo on December 31, each one has carefully followed the offers that were kept alive, although, although, although, although If a new purchase proposal is reached – which at least matches that of the Hungarian Ganz Mavag group of those 5 euros per share to take 100% of the rail manufacturer – “the will of the three main partners will be to sell together again” .
Complementary manufacturers
From PFR they affirm that Talgo is for them a “very interesting” company, and most importantly, “with a complementary industrial offer” to that of Pesa, which does not have high -speed trains unlike the Spanish, precisely a market for which Both parties signed the September agreement.
Now, the sources add, so that the Spanish government of the approval of this proposal continues to depend on the fact that the Decision center and industrial strength are maintained in Spainwhere Talgo has two floors, one in Rivabelosa (Álava) and another in Las Matas (Madrid), and a template 2,900 workers. For its part, PESA uses about 4,000 employees in their Bydgoszcz and Minsk Mazowiecki plants, and cooperates with more than 1,500 companies. Its trains and trams circulate through all Polish regions, as well as the networks of Germany, Italy, Czech Republic or Belarus.
Meanwhile, financial sources agree to rule out that the pact with a Spanish partner, of not being Sidenor, goes to sign with Critiaia Caixa, with which Poles have not even contacted For the void interest that exists in the La Caixa investment arm in being part of a joint purchase operation. In fact, the plans that still drive from La Moncloa continue to go through a four -band operation in which the State Society of Industrial Participations (SEPI) would be or yes; a fund dependent on the Basque Government; and the Sidenor steel group, chaired by José Antonio Jainaga, along with one more industrial partner. In that quadrature of the circle, it seems that, in principle, it would set the weight of weight.
The problem that until now had the offer that the government wanted with Sidenor as the main partner It is that it only reaches 29.9% of the capital in the hands of the Trilantic Fund in Talgo, and is 20% below five euros per sale price that has been put to that participation. To complement this option, he offered the investment of the state SEPI and Basque public funds.
The Indians do not give up
Meanwhile, the government does not neglect that a third interested in Liza, India Jupiter Wagonsstill in the background, since, according to market sources, it maintains the objective of presenting its own offer after hiring as advisors to analyze the balance of the Spanish to Lazard and Eversheds.
The sources expect Jupiter Wagons to present an economic offer greater than that presented by the Sidenor group, in addition to acquiring more than 30% of the capital of Talgo.
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