This is how the Basque Sidenor attacked Talgo
Talgo returns to its roots. The railway manufacturer from Alava is in a delicate situation due to the need for an industrial partner that would allow it to supply trains, especially with Germany. After a parade of proposals, it finally appears that Basque Sidenor will take the lead (or the train on the tracks, to correct the metaphor) and retain a stake (or most of it) in majority shareholder Talgo. , Trilantic. All within the framework of an operation agreed upon a few weeks ago between the Moncloa Palace and Ajuria Enea..
Complicity between the central and Basque governments is key to this movement. Solvent sources ensure that the operation It was conceived in the depths of Moncloa and the key to success is good harmony with Lehendakari..
This is an initiative that will be monitored Manuel de la RochaDirector of Economic Affairs of Moncloa and guru government financial policy in recent years. Actually, Pedro Sanchez himself would facilitate this operation..
This requires good harmony with the regional executive authorities. When Lehendakari met a month ago Imanol Pradales and Pedro Sanchezthey not only talked about the powers that the state has mustin accordance with the Statute of Guernica, to the Basque Country. Or the PSOE’s need for the PNV in Congress to try to stabilize the legislature. The future of Talgo was among the topics discussed.
Sidenor’s proposal was prepared between Moncloa and Ajuria Enea. And there are many reasons for this. The government has made it clear that it considers Talgo to be a strategic company. But at the same time, the railway manufacturer has an important need for an industrial partner that will allow you to expand your production capacity.
On the other hand, the Basque manager strives for company balance, which means employment and economic stability in the regionwhere Talgo has a manufacturing facility. Thus, in recent weeks, Sidenor’s movement has received a boost, of course in collusion with Moncloa.
Login Timba for Talgo from the company of José Antonio Hainagi was not poorly received by the company’s shareholders (although it remains to be seen what the offer per share is). It helps that he has strong government support..
This kind of support is key. The Escribano opportunity was not compelling in Moncloa (there was no industrial capacity there), a takeover bid for Magyar Vagon was not even considered (it was vetoed on national security grounds), and Skoda’s merger proposal was considered practically the lesser evil, although Talgo shareholders had already rejected this is a proposal.
Instead of, Sidenor meets all requirementsfor example, the availability of national capital and the provision of industrial capacity (and industrial land if necessary to expand). And besides, intimacy and participation achieved through PNVwhich is not bad in the political sphere.
Moncloa intends to follow the strategy it has already started with Telefónica, namely to enter through SEPI into companies that it considers strategic for the country. And the same will be done in the case of Talgo, where he will also have the company of a Basque leader.
We shouldn’t forget either Kaisch criteriawho hasn’t made a move yet. He holding company The Catalan investor has not yet decided whether he will be part of this multi-party business movement. Although the two conditions that the Criteria required were met: an industrial partner and clear government support.
Moreover, Talgo’s central executive involvement could be the key to solving the most pressing problem the company faces: an order book exceeding 4,000 million euros that accumulates delays.
Some delays that particularly affect Germany and Denmarkwith orders worth 2100 euros. Its leaders are already asking to take responsibility, and the Spanish government, as a shareholder through SEPI, is expected to act to cool a possible conflict and ease sanctions.