The Trilantic fund has been surprised this Saturday by the movement of the Poland Development Fund (PFR) to launch in the next few days a proposal of a public acquisition offer (OPA) on the total of the shares of Talgo.
Trilantic, who controls 29.8% of Talgo and is interested in leaving the company, has not promoted the movement of the Polish and its reaction to it has been surprising, since until now they were focused on the offer issued this same week by the consortium led by Sidenor together with the Basque Government, BBK and vital, as Europa Press has learned in market sources.
The Polish Fund has reviewed through a statement on the morning of this Saturday that its potential OPA is circumscribed within the framework of the sale process organized by Pegaso Transportation International, a company that maintains 40.2% and is composed of a pact of Trilantic shareholders with the Abelló family and some members of the Oriol (founders of Talgo).
In a broader plane, it is influenced that this last Thursday the consortium led by Sidenor launched an offer of up to 177 million euros for 29.8% of Talgo and ruled out the possibility of launching a public acquisition offer (OPA) of Actions on the trains manufacturer to get 100%.
This was expressed expressly in its offer, so it would only be directed to 29.8% that controls the Trilantic fund through Pegaso, the aforementioned company that maintains 40.2% in total.
Faced with an initial offer of 4 euros per share (147 million euros), the buyer consortium rose to 4.15 euros (153 million) the direct consideration in the face of Pegasus’s demand to reach 5 euros offered by the group Hungarian Magyar Vagon, the operation that did not prosper for the refusal of the Spanish Executive.
In addition, Sidenor’s offer includes a variable concept of 0.65 euros (24 million euros), which will pay Trilantic if a series of financial magnitudes are met during the 2027 and 2028 years included in the Talgo business plan, by What the potential of the operation would reach 177 million euros.
Movement of the Polish Fund PRF on Talgo
The Polish State Fund, owner of the PESA rail manufacturer, has confirmed its interest in Talgo on Saturday with the premise of presenting in the “next days” a proposal that would mean the launch of a public acquisition offer (OPA) for 100% of the actions of the Spanish company.
The Polish vehicle has reviewed in a statement that this potential movement is limited within the framework of the sales process organized by Pegasus Transportation International, a company that maintains 40.2% and is composed of a Trilantic shareholder pact with the Abelló family and some members of the Oriol (founders of Talgo).
The Poles have argued that, as potential shareholders with a stable profile and long term, they would plan to create value for Talgo in the long term, supporting the growth and increasing the business scale, while maintaining the industrial capacity of the company and the company production in Spain.
In that line, they have stressed that “PFR understands the importance, for Talgo and for Spain, of preserving their Spanish and would be open to consider maintaining its headquarters and industrial capacity in Spain, as well as its status as a company quoted in Spanish bags” .
In this context, it should be remembered that the Spanish government vetoed the OPA of the Hungarian Magyar Vagon group – which came to offer 5 euros per share – with the argument of maintaining the national component of Talgo.
The Polish Fund – which has reported its intentions to both Talgo and the National Securities Market Commission, as described – has also wielded as reasons that would favor this operation that of the synergies that would establish Talgo and weighs: “The complementary combination Of the portfolios of both companies would result in a European leader with a wide range of products and experience in most European Union markets, “they have asserted.
Percuting in that argument, they have explained that Talgo could go to a broader market and expand to the Central and Eastern European region, where important investments in high speed are expected, especially in Poland.
On the other hand, from PFR they have insisted – as they pointed out at the end of January – that remain open to cooperate with a potential Spanish minority coinversor and that recognize “the relevance of the Basque roots” of the company, while they will seek a collaboration fruitful with the community of the Basque Country after the hypothetical transaction.
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