Talgo shareholders began negotiations on the sale of the train manufacturer to Sidenor

The sale of Talgo to the Basque industrial group Sidenor is in progress. The board of directors of the train manufacturer, at a meeting held last Friday the 18th, after evaluating the proposal submitted by the industry group Sidenor, decided: “initiate negotiations aimed at analyzing a possible transaction, which may involve the acquisition of a significant percentage of the company’s share capital or all of it”Talgo reported this in a corresponding fact sent to the National Securities Market Commission (CNMV).

The board of directors clarified that it will protect the interests of the company and its shareholders in the negotiations and will keep the market informed of news about the negotiations.

Last week, Sidenor sent a letter to Talgo expressing its interest in acquiring all or part of Talgo, which the manufacturer announced to the market on Thursday 17th.

Sidenor, based in Basauri (Bizkaia), produces special long products and also supplies calibration products to the European market.

WITH veto Hungarian van proposalThe government was looking for an alternative to Talgo among Spanish investors, whose main shareholders, led by the Trilantic fund, want to leave the company.

In recent weeks, the Basque government has joined the search for an industrial partner for Talgo to provide it with the necessary strength to confidently handle its order book, which exceeds 4 billion euros. Recently, Basque Lehendakari Imanol Pradales explained that if an industrial partner is found, they will be able to accompany him when he joins the railway company. The Basque government has a Finkatuz fund to buy shares in companies, as it has already done in ITP, Kaiku and CAF.

After Sidernor’s interest was made public, sources in the Basque executive assured that they were ready to “support the operation” if it entailed a “sound and future-oriented industrial project that would contribute to the company’s roots and industrial employment in Euskadi.”